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bonds must mature within 20 years from the date of <br />issuance, may be sold at public or private sale and may <br />be secured by any revenue from the facility financed by <br />the bonds. Revenue bonds are not a debt of the Authority <br />or the City but are payable only from the revenues <br />pledged to their payment. If the revenue bonds are <br />taxable bonds, the project financed with them does not <br />have to be approved by the Energy and Economic <br />Development Authority and certain public hearing and <br />reporting requirements under the industrial development <br />bond provision of Ch. 469 do not apply. In addition, the <br />industrial development bond provisions of Chapter 469 <br />which prohibit the financing of property to be sold for <br />housing facilities to be rented or used as permanent <br />residence do not apply. Minn. Stat. 9469.103. However, <br />the bonds will be subject to the limitations set forth in <br />Sections 462C.01- 462C.07. <br />(c) Tax Increment Bonds. <br />Under Minn. Stat. S469.103, Subd. 8, the Authority <br />may issue tax increment bonds payable from tax increment <br />revenues. The issuance of tax increment bonds are <br />subject to the provisions of the Minnesota Tax Increment <br />Financing Act. Minn. Stat. 99469.174 to 469.179. The <br />proceeds of tax increment bonds are subject to the same <br />use limitations as tax increments. Minn. Stat. §469.176, <br />subd. 4. <br />(d) Pledge of Revenues. <br />The Authority may pledge and grant a lien on <br />revenues of the Authority to secure the payment of its <br />general obligation or revenue bonds. The revenue must <br />come from the facility to be acquired, constructed or <br />improved with bond proceeds or from other facilities <br />named in the resolution authorizing the bonds. Minn. <br />Stat. 9469.103, Subd. 5. <br />(e) Borrowing Money. <br />After authorizing general obligation or revenue <br />bonds, the Authority may borrow money for the purpose for <br />which the bonds are to be issued in an amount not to <br />exceed the amount of the bonds to be issued. The loans <br />must be evidenced by negotiable notes due not more than <br />12 months after the date of the loan, which notes are to <br />be repaid from the proceeds of the bonds. Minn. Stat. <br />9469.101, Subd. 19. <br />13 <br />Page 15 <br />