In the issuance of bonds the revenues or rentals must be pledged and appropriated by resolution for the use and benefit of bondholders generally, or may be pledged by the execution of an indenture or other appropriate instrument to a trustee for the bondholders. The site and facilities, or any part of them, may be mortgaged to the trustee. The governing body may enter into any covenants with the bondholders or trustee that it finds necessary and proper to assure the marketability of the bonds, the completion of the facilities, the segregation of the revenues or rentals and other funds pledged, and the sufficiency of funds for prompt and full payment of bonds and interest. The bonds shall be deemed to be payable wholly from the income of a revenue-producing convenience within the meaning of section 475.58, unless the governing body also pledges to their payment the full faith and credit of the county, city, or hospital district. In this event, unless otherwise provided by law, the bonds may not be issued unless approved by a majority of the electors voting on the question at a legal election.
1971 c 844 s 4; 1973 c 123 art 5 s 7; 1987 c 229 art 10 s 1
Structure Minnesota Statutes
Chapters 447 - 450 — Municipal Welfare, Recreation
Chapter 447 — Hospitals, Welfare Activities
Section 447.04 — Charity Bureau.
Section 447.045 — Liquor Dispensary Fund, Community Hospital Appropriation.
Section 447.05 — Hospitals; Charter Cities Of The Third Or Fourth Class.
Section 447.06 — Acquisition Of Sites And Property.
Section 447.10 — Tax Levy For Operating And Maintaining Hospital.
Section 447.11 — Special Fund.
Section 447.13 — Power Granted Additional To Existing Powers.
Section 447.14 — Gifts For Free Medical Dispensaries, Public Libraries.
Section 447.15 — Administration Of Trust; Designation Of Trustees.
Section 447.31 — Creation And Reorganization Of Hospital Districts.
Section 447.32 — Officers And Elections.
Section 447.331 — Student Loan; Medical School, Health-field Program.
Section 447.34 — Payment Of Expenses; Taxation.
Section 447.345 — Temporary Borrowing Authority.
Section 447.36 — Annexation Of Territory.
Section 447.37 — Powers Supplementary.
Section 447.38 — Dissolution: Detachment Of Territory.
Section 447.41 — Establishment And Operation; Withdrawal.
Section 447.42 — Community House; Developmental Disabilities.
Section 447.45 — Bonds For Hospital, Nursing Home, Related Facilities.
Section 447.46 — Revenue Pledged.
Section 447.47 — Leasing Out Hospital, Nursing Home, Related Facilities.
Section 447.48 — Security For Bonds; Pledge Of Credit For Bonds.