Minnesota § 469.066 ADVANCES BY PORT AUTHORITY

Minnesota Statutes

§ 469.066 — ADVANCES BY PORT AUTHORITY

Minnesota § 469.066

PartLOCAL ECONOMIC DEVELOPMENT

Ch. 469ECONOMIC DEVELOPMENT

This text of Minnesota § 469.066 (ADVANCES BY PORT AUTHORITY) 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. § 469.066 (2026).

Text

A port authority may advance its general fund money or its credit, or both, without interest, for the objects and purposes of sections469.058to469.068. The advances must be repaid from the sale or lease, or both, of developed or redeveloped lands. If the money advanced for the development or redevelopment was obtained from the sale of the port authority's general obligation bonds, then the advances must have not less than the average annual interest rate that is on the port authority's general obligation bonds that are outstanding at the time the advances are made. The port authority may advance repaid money for more objects and purposes of sections469.058to469.068subject to repayment in the same manner. The port authority must use rentals of lands acquired with advanced money to collect a

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A port authority may advance its general fund money or its credit, or both, without interest, for the objects and purposes of sections469.058to469.068. The advances must be repaid from the sale or lease, or both, of developed or redeveloped lands. If the money advanced for the development or redevelopment was obtained from the sale of the port authority's general obligation bonds, then the advances must have not less than the average annual interest rate that is on the port authority's general obligation bonds that are outstanding at the time the advances are made. The port authority may advance repaid money for more objects and purposes of sections469.058to469.068subject to repayment in the same manner. The port authority must use rentals of lands acquired with advanced money to collect and maintain reserves to secure the payment of principal and interest on revenue bonds issued to finance port or industrial facilities, if the rentals have been pledged for that purpose under section469.061. Advances made to acquire lands and to construct facilities for recreation purposes if authorized by law need not be reimbursed under this section. Sections469.048to469.068do not exempt lands leased from the authority to a private person or entity from assessments or taxes against the leased property while the lessee is liable for the assessments or taxes under the lease.