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<br />., <br /> <br />.... <br /> <br />?r:i:DERICK C. DOUGLASS <br />JAMES R. BELL <br />PAUL G. DONLIN <br />JI.MES M. SHuLTZ <br />JOHN W. PETE?SEN <br />I'}lOMAS M. SWEENi:Y <br />THOMAS 1. LYONS <br />! AMES J. GALMAN <br />I. DIXON TEWS <br />RODGER D. SQUIRES <br />JEROME P. F:Ul.. <br />-\ilARREN M. HORNER <br />JOHN C. WALLRAfF <br />L'i.MES R. GovnWG <br />l/tA:in: M. NOL,\N <br />\7 _ TIMOTHY' MALCHOW <br />JORN H. LEMAY <br /> <br />copy to: <br /> <br />Counci I <br />Hogan <br />Rozycki <br />Ruppel <br />Char les <br /> <br />9/22/72 <br /> <br />\ \ 1,1 I' <br />'<:y~)-;)~~~~..:~ -(// , ~ <br />DCl.jJG,LAS~.:p~~J..\ DONLIN. :SHULTZ &.:: PETERSEN <br />,.::, ~i{j0 '-, .,-,~'/; '-'ATTORNEYS AT LAW <br />i@ ~f");~!r~~~~ ~<9...:",) '::0.52ti OSBORN BUlL-CliNG <br />\ -. r,,-., , '.... >~.i.h~. .... .t:WAaASHA AT 5TH STIu.:r::T <br />\,-;~ :/,;'.L.G/!~~,-~;;.'Y /i~~ PAUL. MINNESOTA tiS102 <br />, 6 '-C /,0- <br />'0'\" <br />f?, " August 24, 1972 <br /> <br />T~l.E?HONe: <br />(AREA COOE 61~) 224.53::) 1 <br /> <br /> <br />B. H. LOl'TSCAARDEN <br />O~~ COUNSEL <br /> <br />TO: RIQMRD B. HOGfu~, CLERK ADMINISTRATOR <br /> <br />. <br /> <br />FROM: DOUGLASS, BELL, DONLIN, SHULTZ & PETERSEN, VILLAGE ATrORNEYS <br />, <br /> <br />SUBJECT: CERTIFICATES OF INDEBTEDNESS FOR PURCHASING FIRE EQUIP~lliNT <br /> <br />Sill,P.~RY k~D CONCLUSION: In response to your inquiry of August 24, <br />1972, Minn. Stat. Section 412.301, entitled "Fina..""1cil1g Purchase of Certai:1 <br />Equipment" provides as follows: <br /> <br />The village cou~1.cil may issue certificates .of indebtedness within <br />existing debt limits fOT the purpose of purchasing fire or police <br />equipment or a~bul~~cB equipment or street construction OT uain- <br />tenance equip~cnt. Such certificates shall be payable in net DOTe <br />than five years and shall be issued Oll. such terms and in such manner <br />as the council may determine. If th6 amount of tneccrtificat:es <br />to be issued to finance any such purchase exceeds one percent <br />of the assessed valuation of the Village", excluding money @l.d <br />credits, they shall not be issued for at least ten days after <br />publication in the official newspaper of a council rcsolutio~l <br />determining to issue them; and if before the end of that time <br />a petition asking for an election on the preposition signed by <br />voters equal to ten percent of the number of voters at the last <br />regular municipal election is filed with the clerk~ such cGrtifi- <br />cates shall not be issued until the proposition of their iSSUa21Ce <br />has been approved by a majority of the votes cast on the question <br />at a regular or special election. A tax levy shall be made fer <br />the payment of the principal and interest on such certificates as <br />in the case of bonds. <br /> <br />As set forth above~ the Village may issue certificates of indebtedness, <br />without a referendum, to purchase fire equipment, payable in not more than <br />five years, if the ~"OWlt of the certificates does not exceed one percent <br />of the assessed valuation of the Village, If the amount of the certificates <br />exceeds one percent of the assessed valuation, these certificates shall not <br /> <br />I <br />