2005 Minnesota Statutes - 41B.16 — Security account.

     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. 


    HIST: 1986 c 398 art 6 s 16; 1987 c 396 art 1 s 31