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<br />'\ <br /> <br />Mechanics <br /> <br />The city Council adopts a capital <br />improvement plan that covers at ieast a <br />flVe-year period beginning with the date <br />of its adoption. <br /> <br />The City publishes notice of its intention <br />to issue bonds and the date and time of <br />the hearing to obtain public comment on <br />the matter. Such notice must be <br />published at least 14 but not more than <br />28 days prior to the date of the hearing <br />in either the City's official newspaper or <br />a newspaper of general circulation in the <br />City. <br /> <br />At the public hearing, the City Council <br />approves the issuance of the bonds by <br /> <br />an affirmative vote of three-fifths of the <br />members of a five-member council. For <br />cities with more than five council <br />members, a two-thirds vote is required. <br /> <br />Generally, bonds issued by.a city to <br />finance capital improvements under an <br />approved capital improvements program <br />are not subject to the election <br />requirements of Minnesota Statutes, <br />Section 475.58. However, if, within 30 <br />days of the public hearing, a petition <br />requesting a vote on the issuance of the <br />bonds is signed by a number of <br />registared voters in the City equal to five <br />percent of the votes cast in the City's <br />last genenaJ election, then the bonds <br />may be issued only after obtaining <br />approval of a majority of voters voting on <br /> <br />( J2> DORSEY <br /> <br />the question of whether to issue the <br />bonds. <br /> <br />Chapter 127, Article 12, Section 16 adding <br />Minnesota Statutes, Section 41 O.32~. effective <br />May 26, 2003. <br /> <br />. It should be noted that although this law appears <br />in Chapter 410, which applies to home rule charter <br />cities, the law defines .city" to include both home <br />rule charter and statutory cities. <br /> <br />This Memorandum contains general advice and a <br />general description of the effects of this <br />legislation. It should not be relied upon as specific <br />legal advice for any particular situation. Dorsey & <br />Whitney would be happy to respond to your <br />specific questions. <br /> <br /> <br />puS-Lie Fttw~Ce UPDATE. I A Publication of Dorsey's Public Rnance Practice Group <br /> <br />Dorsey & Whitney LLP <br />Suite 1500 <br />50 South Sixth Street <br />Minneapolis, MN 55402-1498 <br /> <br />Ju~ 2003 <br />