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64 MINNESOTA STATUTES 2010 469.062
<br /> Subd. 5. Revenue pledge. In issuing bonds under sections 469.049, 469.050, and 469.058
<br /> to 469.068,the port authority may secure the payment of the principal and interest on the bonds
<br /> by a pledge of and lien on port authority revenue. The revenue must come from the facility to
<br /> be acquired, constructed, or improved with the bond proceeds or from other facilities named in
<br /> the bond-authorizing resolutions. The authority also may secure the payment with its promise to
<br /> impose,maintain,and collect enough rentals, rates, and charges, for the use and occupancy of the
<br /> facilities and for services furnished in connection with the use and occupancy,to pay its current
<br /> expenses to operate and maintain the named facilities, and to produce and deposit sufficient net
<br /> revenue in a special fund to meet the interest and principal requirements of the bonds, and to
<br /> collect and keep any more money required by the resolutions. The authority shall decide what
<br /> constitutes "current" expense under this subdivision based on what is normal and reasonable
<br /> under generally accepted accounting principles. Revenues pledged by the port authority must not
<br /> be used or pledged for any other port authority purpose or to pay any other bonds issued under
<br /> this section or under section 469.060, unless the other use or pledge is specifically authorized
<br /> in the bond-authorizing resolutions.
<br /> Subd. 6. Not city debt. Revenue bonds issued under this section are not a debt of the port
<br /> authority's city nor a pledge of that city's full faith and credit. The bonds are payable only from
<br /> project revenue as described in this section. A revenue bond must contain on its face a statement
<br /> to the effect that the port authority and its city do not have to pay the bond or the interest on it
<br /> except from revenue and that the faith, credit, and taxing power of the city are not pledged to pay
<br /> the principal of or the interest on the bond.
<br /> Subd. 7. Not applicable. Sections 469.153, subdivision 2, paragraph(e), and 469.154,
<br /> subdivisions 3, 4, and 5, do not apply to revenue bonds issued under this section and sections
<br /> 469.152 to 469.165 if the interest on the revenue bonds is subject to both state and federal income
<br /> tax or if the revenue bond proceeds are not loaned by the port authority to a private person.
<br /> History: 1987 c 291 s 62
<br /> 469.062 OTHER BONDS.
<br /> Subdivision 1. City bonds,generally. A port authority city except the city of Duluth may
<br /> issue bonds and appropriate bond proceeds to purchase, construct, extend, improve, and maintain
<br /> docks,warehouses, or other port or terminal facilities owned or to be owned or operated by its
<br /> port authority. This action may be taken in the same manner as if the facilities were public utility
<br /> plants, needed public buildings,and public conveniences capable of producing revenue,and were
<br /> owned or to be owned or operated solely by the city.
<br /> Subd. 2. Duluth bonds. The city of Duluth may issue not more than $1,000,000 of its
<br /> general obligation bonds and may appropriate the bond proceeds for any of the purposes in
<br /> subdivision 1 and to conserve, develop,reclaim,protect, and improve lands under the jurisdiction
<br /> of its seaway port authority. The bonds shall be issued only after approval of two-thirds of the
<br /> members of the city council. The bonds shall be issued, sold, and secured under sections 475.60
<br /> to 475.73. The bonds are valid without an election.
<br /> Subd. 3. Seaport bonds.A seaway port authority may issue and sell its negotiable revenue
<br /> bonds for a purpose in section 469.055, subdivision 6, or for a purpose in this chapter related to
<br /> • the development of a seaport. The bonds must be issued, sold, and secured in the same manner
<br /> as the bonds in subdivision 5 except that a trust indenture may but need not be executed. The
<br /> bond resolutions and indenture,if any,must list the facilities whose net revenues are to be pledged
<br /> Copyright©2010 by the Office of the Revisor of Statutes,State of Minnesota.All Rights Reserved.
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