My WebLink
|
Help
|
About
|
Sign Out
Home
2009_0817_Packet
Roseville
>
City Council
>
City Council Meeting Packets
>
2009
>
2009_0817_Packet
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
1/9/2012 3:07:03 PM
Creation date
8/20/2009 4:01:33 PM
Metadata
Fields
Template:
General
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
161
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
View images
View plain text
20 MINNESOTA STATUTES 2008 429.091 <br />Subd. 3. Method of issuance. All obligations shall be issued in accordance with the <br />provisions of chapter 475, except as provided in this subdivision. <br />An election shall be required for bonds if less than 20 percent of the cost of the improvement <br />to the municipality is to be assessed against benefited property. <br />If the full faith, credit, and taxing power of the municipality is not pledged and the <br />bonds are issued to finance a fire protection system, a public sale shall not be required and the <br />obligations may <br />(a) mature at any time or times within 30 years from date of issue; or 40 years or the <br />useful life of the asset, whichever is less, for municipal water and wastewater treatment systems <br />and essential community facilities financed or guaranteed by the United States Department of <br />Agriculture; <br />(b) mature in the amount or amounts, <br />(c) be sold at a price equal to the percentage of their par value, plus accrued interest, and <br />(d) bear interest at the rate or rates, <br />as agreed by the purchaser and the municipality, notwithstanding any limitation of interest rate or <br />cost or of the amounts of annual maturities contained in any other law. <br />The maturities shall be such as in the opinion of the council are warranted by the anticipated <br />collections of assessments and ad valorem levies for the municipality's share of the cost; except <br />that the council may in its discretion issue and sell temporary improvement bonds maturing and <br />subject to further conditions as set forth in subdivision 5. All obligations shall state upon their <br />face the purpose of the issue and the fund from which they are payable. The amount of any <br />obligations issued hereunder shall not be included in determining the net indebtedness of any <br />municipality under the provisions of any law limiting such indebtedness. <br />Subd. 4. Funds. The proceeds from the sale of each issue of obligations and from collections <br />of special assessments levied and other moneys appropriated for each improvement to be financed <br />wholly or partly from such proceeds shall be credited to a separate construction fund which shall <br />be used solely to defray expenses of such improvements and payment of principal and interest <br />due upon the obligations prior to completion and payment of all costs of the improvements so <br />financed. Any balance of the proceeds of bonds remaining therein may be used to pay the cost, in <br />whole or in part, of any other improvement instituted pursuant to this chapter. A separate account <br />shall be maintained in the construction fund to record expenditures for each improvement, and <br />when the total cost thereof has been paid all subsequent collections of special assessments levied <br />for the improvement shall be credited and paid into the debt service fund for the obligations issued <br />to finance the improvement, as provided in section 475.61. Any taxes levied for improvements <br />financed by an issue of obligations shall be credited directly to the debt service fund. <br />Copyright �O 2008 by the Revisor of Statutes, State of Minnesota. All Rights Reserved. <br />
The URL can be used to link to this page
Your browser does not support the video tag.