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
21 MINNESOTA STATUTES 2008 429.091 <br />Subd. 5. Temporary improvement bonds. In anticipation of the issuance of improvement <br />bonds, the council may by resolution issue and sell temporary improvement bonds maturing <br />within not more than three years from their date of issue to pay any part or all of the cost of <br />one or more improvements. To the extent that the principal of and interest on the temporary <br />improvement bonds cannot be paid when due from receipts of special assessments, taxes, or other <br />funds appropriated for the purpose, they shall be paid from the proceeds of improvement bonds <br />or additional temporary improvement bonds which the council shall offer for sale in advance of <br />their maturity but the indebtedness funded by an issue of temporary improvement bonds shall <br />not be extended by the issue of additional temporary improvement bonds for more than six years <br />from the date of the first issue. The holders of any temporary improvement bonds shall have <br />and may enforce, by mandamus or other appropriate proceedings, all rights respecting the levy <br />and collection of sufficient special assessments and taxes to pay the cost of the improvements <br />financed by them which are granted by law to holders of improvement bonds, except the right to <br />require the levies to be collected prior to the maturity of the temporary improvement bonds. If <br />any temporary improvement bonds are not paid in full at maturity, the holders may require the <br />issuance in exchange for them, at par, of new temporary improvement bonds maturing within <br />one year from their date of issue (but not subject to any other maturity limitation), and bearing <br />interest at the maximum rate permitted by law. <br />Subd. 6. Investment of other municipal funds. Funds of a municipality may be invested in <br />its temporary improvement bonds in accordance with the provisions of section 118A.04, and may <br />be purchased upon their initial issue, but shall be purchased only from funds which the council <br />determines will not be required for other purposes before the maturity date, and shall be resold <br />before maturity only in case of emergency. If purchased from a debt service fund securing other <br />bonds, the holders of those bonds may enforce the municipality's obligations on the temporary <br />improvement bonds in the same manner as if they held the temporary improvement bonds. <br />Subd. 7. General obligation temporary improvement bonds. The council may by <br />resolution adopted prior to the sale of any temporary improvement bonds pledge the full faith, <br />credit, and taxing power of the municipality for the payment of the principal and interest, in <br />addition to all provisions made for their security in subdivision 5. In this event the bonds shall <br />be designated as general obligation temporary improvement bonds, and the council shall levy <br />taxes for their payment in accordance with section 475.61. Proceeds of improvement bonds or <br />temporary improvement bonds not yet sold may be treated as pledged revenues, in reduction of <br />the tax otherwise required by section 475.61 to be levied prior to delivery of the obligations. <br />Subd. 7a. Revolving fund bonds. The council may by resolution establish a revolving fund <br />for the payment of the costs of any improvement or any waterworks systems, sewer systems, or <br />storm sewer systems described in section 444.075, the costs of facilities to maintain streets and <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.