The 'AA+' rating assigned to the University of Minnesota Regents' $137.25 million special purpose revenue bonds reflects the security provided by general fund annual appropriations from the state of Minnesota, which are appropriated specifically for and pledged to debt service payments on the bonds, pursuant to Minnesota Statutes Sections 137.5 to 137.6 and a stadium agreement between the state and the university. Other than state appropriations received from the state specifically for debt service payments on the bonds, no other revenues of the university are pledged for debt service. The rating thus reflects the credit characteristics of the state of Minnesota ('AAA/Stable' GO rating), subject to the limited risk of non-appropriation. Payments from the state to pay debt service constitute
