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S.F. No. 2062, as introduced - 84th Legislative Session (2005 -2006) Page 7 of 9 11.20 maintenance of the stadium; 11.21 (10) the authority shall ensure that a guaranty is in place 11.22 in a form satisfactory to the authority. The guaranty may be in 11.23 the form of a letter of credit, minimum net worth requirements, 11.24 personal guaranties or other surety covering the payments on 11.25 terms determined by the authority's negotiations with the 11.26 Minnesota Vikings; and 11.27 (11) the validity of any bonds issued under subdivision 1, 11.28 clauses (1) and (2), and the obligation of the authority related 11.29 to them, shall not be conditioned upon or impaired by the 11.30 authority's determinations made under this subdivision. For 11.31 purposes of using the bonds, the determinations made by the 11.32 authority shall be deemed conclusive and the authority shall be 11.33 and remain obligated for the security and payment of the bonds 11.34 irrespective of determinations that may be erroneous, 11.35 inaccurate, or otherwise mistaken. 11.36 Subd. 4. [SECURITY.] To the extent and in the manner 12.1 provided in this chapter, the taxes described in this chapter, 12.2 the tax and other revenues of the authority described in this 12.3 act, and any other revenues of the authority attributable to the 12.4 sports facilities, including teams' and Anoka County 12.5 contributions, shall be and remain pledged and appropriated to 12.6 the authority as appropriate for the payment of all necessary 12.7 and reasonable expenses of the operation, administration, 12.8 maintenance of the sports facilities, and debt service of the 12.9 bonds until all bonds or certificates of indebtedness issued 12.10 pursuant to this chapter are fully paid or discharged in 12.11 accordance with law. Bonds issued pursuant to this chapter may 12.12 be secured by a bond resolution, or by a trust indenture entered 12.13 into by the authority with a corporate trustee within or outside 12.14 the state, which shall define the tax and team contributions, 12.15 and other sports facilities revenues pledged for the payment and 12.16 security of the bonds. The pledge shall be a valid charge on 12.17 the tax and all other revenues referred to in this chapter from 12.18 the date when bonds are first issued or secured under the 12.19 resolution or indenture and shall secure the payment of 12.20 principal and interest and redemption premiums when due and the 12.21 maintenance at all times of a reserve or reserves securing such 12.22 payments. No mortgage of or security interest in any tangible 12.23 real or personal property shall be granted to the bondholders or 12.24 the trustee, but they shall have a valid security interest in 12.25 all tax and other revenues received and accounts receivable by 12.26 the authority shall be hereunder, as against the claims of all 12.27 other persons in tort, contract, or otherwise, irrespective of 12.28 whether the parties have notice of the claims, and without 12.29 possession or filing as provided in the Uniform Commercial Code 12.30 or any other law. In the bond resolution or trust indenture, 12.31 the authority may make covenants, which shall be binding upon 12.32 the authority, that are determined to be usual and reasonably 12.33 necessary for the protection of the bondholders. No pledge 12.34 shall be revoked or amended by law or by action of the authority 12.35 or county except in accordance with the terms of the bond 12.36 resolution or indenture under which the bonds are issued, until 13.1 the obligations of the authority are fully discharged. 13.2 Subd. 5. [NO FULL FAITH AND CREDIT.] Any bonds or other 13.3 obligations issued by the authority under this act are not 13.4 public debt of the state, and the full faith and credit and 13.5 taxing powers of the state are not pledged for their payment or 13.6 of any payments that the state agrees to make under this act. 13.7 Subd. 6. [TAXABILITY OF INTEREST ON BONDS.] The bonds 13.8 authorized by this act may be issued whether or not the interest 13.9 to be paid on them is gross income for federal tax purposes, 13.10 provided that the authority must make an effort to arrange the 13.11 financing for the project in a manner that would allow the http: / /www. revisor. leg. state. nm. us /bin/bldbill.php ?bill= S2062.0 &session =1s84 12/6/2005