Minnesota § 41B.16 SECURITY ACCOUNT

Minnesota Statutes

§ 41B.16 — SECURITY ACCOUNT

Minnesota § 41B.16

PartAGRICULTURE

Ch. 41BRURAL FINANCE AUTHORITY

This text of Minnesota § 41B.16 (SECURITY ACCOUNT) is published on Counsel Stack Legal Research, covering Minnesota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Minn. Stat. § 41B.16 (2026).

Text

Upon determining that a default may occur in the payment of principal or interest on any issue of bonds issued under section41B.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 management and budget and shall request that the commissioner of management and budget transfer from the security account established under section41B.19, subdivision 5, to accounts or funds designated by the authority an amount required to cure the deficiency.

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Upon determining that a default may occur in the payment of principal or interest on any issue of bonds issued under section41B.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 management and budget and shall request that the commissioner of management and budget transfer from the security account established under section41B.19, subdivision 5, to accounts or funds designated by the authority an amount required to cure the deficiency.