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2009_0817_Packet
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2009_0817_Packet
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22 MINNESOTA STATUTES 2008 429.091 <br />water, sewer, and storm sewer systems and for the payment of any obligations issued to pay the <br />costs of the facilities and systems referred to in this subdivision or to refund obligations issued for <br />those purposes. The council may create within the revolving fund a separate construction account <br />into which the municipality may deposit the proceeds of any obligations payable from the fund, <br />the proceeds of any special assessments collected with respect to any improvement, any net <br />revenues of a waterworks, sewer system, or storm sewer system described in section 444.075 <br />or any other available funds of the municipality appropriated to it. Amounts on deposit in the <br />construction account may be used to pay the costs of any improvement or any waterworks, sewer <br />system, or storm sewer system described in section 444.075 or any street or water, sewer, or storm <br />sewer maintenance facilities. No funds may be expended for an improvement unless at least 20 <br />percent of the costs of each such improvement is to be assessed against benefited property. No <br />funds may be expended for a waterworks, sewer system, or storm sewer system, other than a <br />sewer system described in section 115.46, or maintenance facilities unless the council estimates <br />that the costs will be recovered from the net revenues of the system or any combined waterworks, <br />sewer systems, or storm sewer systems operated by the municipality. The council may also create <br />a separate debt service account within the revolving fund for the payment of principal of and <br />interest on any obligations payable therefrom. Notwithstanding subdivision 4, the council is not <br />required to pledge any particular assessments or other revenues to the payment of the obligations. <br />Collections of special assessments or net revenues may be deposited in either the construction <br />account or the debt service account as the council or an officer designated by the council may <br />determine, having due regard for anticipated collections of special assessments and net revenues <br />from improvements or waterworks, sewer systems, or storm sewer systems financed in whole or <br />in part from the construction account, and taxes levied for the payment of the obligations. The <br />council may issue obligations that are payable primarily from the debt service account for the <br />purpose of providing funds to defray in whole or in part any expenses incurred or estimated to <br />be incurred in making the improvement or improvements or in constructing the waterworks, <br />sewer system, or storm sewer system, including every item of cost of the kinds authorized by <br />section 475.65, and street and water, sewer, and storm sewer maintenance facilities or to refund <br />obligations previously issued under this section or section 115.46 or 444.075. The obligations <br />may be general obligations to which the full faith and credit of the municipality are pledged. If the <br />special assessments to be levied and net revenues estimated to be available for their payment are <br />estimated to be at least 20 percent of the principal amount of the obligations, the obligations may <br />be issued without an election and shall not be included in determining the net indebtedness of the <br />municipality under the provisions of any law limiting net indebtedness. The cost of a maintenance <br />facility that may be financed under this subdivision is limited only to the portion of the facility <br />that is fairly allocable to the maintenance of streets and water, sewer, and storm sewer systems. <br />Subd. 8. When Bond Allocation Act applies. Sections 474A.01 to 474A.21 apply to any <br />Copyright �O 2008 by the Revisor of Statutes, State of Minnesota. All Rights Reserved. <br />
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