Bemidji, Minn.'s lease revenue refunding bonds have been rated 'AA+'. The bonds are secured by lease rental payments from Minnesota (AAA/Stable general obligation (GO) debt rating), subject to biennial appropriation. The rating thus reflects the credit characteristics of the state of Minnesota, subject to the limited risk of nonappropriation. Bond proceeds will be used to refund outstanding debt. Proceeds from the original issue were used to build a satellite laboratory facility for the Minnesota Bureau of Criminal Apprehension. The lease is a triple net lease, and destruction of the leased premises does not prohibit the state from continuing to make lease rental payments. The obligation of the state to make lease payments in support of the bonds is absolute and
