Comment Link to the Decision (Score 3, Informative) 681
Bridgewater's statutory claims focus on two provisions in Minn.Stat. 475.52, subd. 1. First, Bridgewater contends that Monticello did not have the statutory authority to issue the bonds because the Fiber Project is not a “utility or other public convenience from which a revenue is or may be derived.” Minn.Stat. 475.52, subd. 1. Second, Bridgewater asserts that Monticello intends to improperly apply the bond proceeds to pay current expenses, which is explicitly prohibited by the statute. Interpretation of these statutory provisions is an issue of first impression in Minnesota.
http://www.lawlibrary.state.mn.us/archive/ctappub/0906/opa081928-0602.pdf