Laserfiche WebLink
<br />Minnesota Statutes 2002, 471.572 <br /> <br />Page I of2 <br />VB <br /> <br />MinnesotaSlatlltes 2002, Table of Chapters <br /> <br />Table of contents for Chapter 471 <br /> <br />471.572 Infrastructure replacement reserve fund. <br /> <br />Subdivision 1. Definitions. <br />section, the following terms have <br /> <br />For purposes of this <br />the meanings given: <br /> <br />IlReserve fund II means the infrastructure replacement reserve <br />fund. <br /> <br />llCity" means a statutory or home rule charter city. <br /> <br />Bubd. 2. Tax levy. The governing body of a city may <br />establish, by a two-thirds vote of all its members, by ordinance <br />or resolution a reserve fund and may annually levy a property <br />tax for the support of the fund. The proceeds of taxes levied <br />for its support must be paid into the reserve fund. Any other <br />revenue from a source not required by law to be paid into <br />another fund for purposes other than those provided for the use <br />of the reserve fund may be paid into the fund. Before a tax is <br />levied under this section, the city must publish in the official <br />newspaper of the city an initial resolution authorizing the tax <br />levy. If within ten days after the publication a petition is <br />filed with the city clerk requesting an election on the tax levy <br />signed by a number of qualified voters greater than ten percent <br />of the number who voted in the city at the last general <br />election, the tax may not be levied until the levy has been <br />approved by a majority of the votes cast on it at a regular or <br />special election. <br /> <br />Subd. 3. Purposes. The reserve fund may be used only <br />for the replacement of streets, bridges, curbs, gutters, <br />sidewalks, trees, and storm sewers. <br /> <br />Subd. 4. Use of fund for a specific purpose. If the <br />city has establi.shed a reserve fund, it may submit to the voters <br />at a regular or special election the question of whether use of <br />the fund should be restricted to a specific improvement or type <br />of capital improvement. If a majority of the votes cast on the <br />question are in favor of the limitation on the use of the <br />reserve fund, it may be used only for the purpose approved by <br />the voters. <br /> <br />Subd. 5. Hearing; notice. A reserve fund may not be <br />established until after a public hearing is held on the <br />question. Notice of the time, place, and purpose of the hearing <br />must be published for two successive weeks in the official <br />newspaper of the city. The second publication must be not later <br />than seven days before the date of the hearing. <br /> <br />Subd. 6. Termination of fund. The city may terminate <br />a reserve fund at any time in the same manner as the fund was <br />established. Upon termination of the fund any balance is <br />irrevocably appropriated to the debt service fund of the city to <br />be used solely to reduce tax levies for or bonded indebtedness <br />of the city or, if the city has no bonded indebtedness, for <br /> <br />http://www.revisor.leg.state.mn.lls/stats/ 471 IS 72.html <br /> <br />5/21/2003 <br />