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Minnesota Statutes 2001, 4'� 5.51 <br />petroleum pricing regulations. <br />(10) Obligations issued to pay pension fund liabilities <br />under section 475.52, subdivision 6, or any charter authority. <br />{11) All other obligations which under the provisions of <br />law authorizing their issuance are not to be included in <br />computing the net debt of the municipality. <br />Subd. 5. Net tax cap acity. "Net tax capacity" means <br />the latest valuation for purposes of taxation, as finally <br />equalized, of all property taxable within the municipality. <br />Subd. 6. Debt service fund. "Debt service fund" <br />means any money and investments in the treasury of a <br />municipality appropriated to pay the principal, interest, or <br />premiums for the redemption of any of its obligations. "Sinking <br />fund" means debt service fund. A separate balance sheet need <br />not be maintained for any debt service fund, and the fund need <br />not be segregated from other funds of the municipality in a <br />separate bank deposit account or in a separate investment fund <br />or account, unless so provided in a resolution or other <br />instrument securing obligations payable from the debt service <br />fund; but a separate bookkeeping account or accounts shall be <br />maintained in the official financial records of the municipality <br />reflecting all receipts and disbursements of money and <br />investments of principal and income appropriated for the <br />purposes of each debt service fund. <br />� Subd. 7. A cq uisition. "Acquisition" includes <br />purchase, condemnation, construction, and acquisition of <br />necessary land, easements, buildings, structures, machinery or <br />equipment. <br />� Subd. 8. Betterment. "Setterm2nt" includes <br />' reconstruction, extension, improvement, repair, remodeling, <br />lighting, equipping, and furnishing. <br />Subd. 9. Governing body. "Governing body" means the <br />board, council, commission, or other body of the municipality <br />charged with the general control of its financial affairs; <br />provided, that where any charter or law confers bond issuing <br />power on a particular board or body of a municipality, such <br />board or body is the governing body under the provisions of <br />sections 475.51 to 475.74. <br />Subd. 10. General obligations. "G2neral obligations" <br />means any obligations which pledge the full faith and credit of <br />the municipality to their payment. <br />Subd. 11. Reporting dealer to the Federal Rasarva Bank <br />of New York. "Reporting dealer to the Federal Reserve Bank of <br />New York" means a securities broker-dealer licensed pursuant to <br />chapter $OA, or an affiliate thereof, which makes primary <br />markets in United States government securities and reports daily <br />to the federal reserve bank of New York its position with <br />respect to such securities held by it and amounts borrowed <br />thereon. <br />Subd. 12. Reverse repurchase agreement. "Reverse <br />Page 2 of 3 <br />http: //www. revisor.leg. state.rrn.us/stats/475/51_�ilII�l 8/14/2002 <br />