2006 Minnesota Code
Chapters 116R - 116U Business Development
Chapter 116R Aircraft Facilities; State Financing
Section 116R.11 AIRCRAFT FACILITIES FUNDS AND DEBT SERVICE ACCOUNTS.

116R.11 AIRCRAFT FACILITIES FUNDS AND DEBT SERVICE ACCOUNTS.
Subdivision 1. Funds. The commissioner or any trustee appointed by the commissioner
under sections 116R.01 to 116R.16 shall establish and maintain an aircraft facilities fund for
each of the projects described in section 116R.02, subdivisions 5 and 6. Except for amounts
required by the commissioner to be deposited in a debt service account, proceeds of each issue of
bonds authorized under section 116R.02, subdivision 1, must be deposited in a separate account,
debt service reserve, or other account designated by the commissioner. Money in the account is
appropriated to the commissioner. The commissioner or the owner of each project described in
section 116R.02, subdivisions 5 and 6, may withdraw proceeds of bonds for application to the
appropriated purposes in the manner provided by order of the commissioner or in any indenture
authorized by order of the commissioner. The commissioner may establish whatever accounts
might be necessary to carry out sections 116R.01 to 116R.16. All deposits into and disbursements
from accounts for the purposes and from the sources of revenue authorized by sections 116R.01
to 116R.16 and provided in an order of the commissioner or an indenture or other agreement
authorized by the commissioner are appropriated for that purpose.
Subd. 2. Accounts. The commissioner of finance or any trustee appointed by the
commissioner under sections 116R.01 to 116R.16 shall maintain permanently on official books
and records debt service accounts separate from all other funds and accounts, to record all receipts
and disbursements of money for principal and interest payments on each series of bonds. No
later than the due date of each principal and interest payment on the bonds, the commissioner
shall withdraw from the proceeds of the bonds, or from revenues on hand and available for the
purpose, and shall deposit in the debt service accounts the amount, if any, required to be deposited
in the account by the order of the commissioner or any indenture authorized by an order of the
commissioner. All amounts in any debt service account are appropriated for the payment of
principal, premiums, and interest for the bonds to which the account relates. If the Minnesota
Constitution, article XI, section 7, applies to any series of bonds, amounts in the debt service
account and any debt service reserve account established under section 116R.13 for the bonds,
regardless of who holds or invests the amounts, must be special accounts of the state bond fund,
for which the commissioner of finance shall maintain records. Amounts in the accounts must
reduce any levy otherwise required by the Minnesota Constitution for payment of principal or
interest on the bonds.
History: 1991 c 350 art 1 s 11; 2003 c 112 art 2 s 50