Minnesota Legislature
Office of the Revisor of Statutes
2007 Minnesota Statutes
This is an historical version of this statute chapter. Also view the most recent published version.
41B.16 SECURITY ACCOUNT.
Upon determining that a default may occur in the payment of principal or interest on any
issue of bonds issued under section 41B.08, or if any debt service reserve fund established in
connection with those bonds is drawn upon because the revenues of the program are not then
sufficient to make any payment of the principal or interest on them, the authority shall certify
those facts to the commissioner of finance and shall request that the commissioner of finance
transfer from the security account established under section 41B.19, subdivision 5, to accounts or
funds designated by the authority an amount required to cure the deficiency.
History: 1986 c 398 art 6 s 16; 1987 c 396 art 1 s 31
Upon determining that a default may occur in the payment of principal or interest on any
issue of bonds issued under section 41B.08, or if any debt service reserve fund established in
connection with those bonds is drawn upon because the revenues of the program are not then
sufficient to make any payment of the principal or interest on them, the authority shall certify
those facts to the commissioner of finance and shall request that the commissioner of finance
transfer from the security account established under section 41B.19, subdivision 5, to accounts or
funds designated by the authority an amount required to cure the deficiency.
History: 1986 c 398 art 6 s 16; 1987 c 396 art 1 s 31
Official Publication of the State of Minnesota
Revisor of Statutes