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<br />Minnesota Statutes 2003,429.101 Page 2 of2 <br /> <br />Subd. 3. Issuance of obligations. (a) After a <br />contract for any of the work enumerated in subdivision 1 has <br />been let, or the work commenced, the council may issue <br />obligations to defray the expense of any such work financed in <br />whole or in part by special charges and assessments imposed upon <br />benefited property under this section. <br /> <br />(b) Section 429.091 shall apply to such obligations with <br />the following modifications: <br /> <br />(1) such obligations shall be payable not more than two <br />years from the date of issuance; <br /> <br />(2) the amount of such obligations issued at one time in a <br />municipality shall not exceed the cost of such work during the <br />ensuing six months as estimated by the council; <br /> <br />(3) a separate improvement fund shall be set up for each of <br />the enumerated services referred to in subdivision 1 and <br />financed under this section. <br /> <br />(c) Proceeds of special charges as well as special <br />assessments and taxes shall be credited to such improvement fund. <br /> <br />http://www.revisor.leg.state.mn.us/stats/429/1 01.html <br /> <br />7/30/2004 <br />