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IN RE HENNEPIN CTY. 1986 RECYCLING BOND LITIG.

Nos. C0-93-2251, C4-93-2253 and C6-93-2254.

540 N.W.2d 494 (1995)

In re HENNEPIN COUNTY 1986 RECYCLING BOND LITIGATION.

Supreme Court of Minnesota.

November 9, 1995.

Attorney(s) appearing for the Case

William Z. Pentelovitch, David F. Herr, Susan D. Holappa, Minneapolis, for Hennepin County.

Allen W. Hinderaker, Cecilia M. Michel, Denise M. Ellis, Minneapolis, for Hennepin Energy Resource Co.

Richard Voelbel, Jeff Ross, Thomas Darden, Robert Levy Jon Hopeman, Ann Sanford, Karl Cambronne, Stuart Bear, Minneapolis, Mark Reinhardt, Gavin Wilkinson, St. Paul, for respondent.

Hubert H. Humphrey, III, Attorney General, Christie B. Eller, Assistant Attorney General, St. Paul, for Amicus Curiae, State of Minnesota.

Richard H. Martin, Robyn Hansen, Gregory Poe, Minneapolis, for Amici Curiae, City of St. Paul, City of Minneapolis, Metropolitan Council, Minneapolis Community Development Agency, the Association of Minnesota Counties and the Minnesota County Attorneys' Association.

Heard, considered, and decided by the court en banc.

OPINION

STRINGER, Justice.

This class action arose when defendants Hennepin County (County) and Hennepin Energy Resource Co., Limited Partnership (HERC) (collectively, defendants) triggered mandatory redemption of over $124,000,000 in revenue bonds by declining to seek renewal of a Letter of Credit backing the bonds. We granted review to determine whether plaintiff bondholders (hereinafter, bondholders) properly stated claims for breach of express and implied...

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