HF 447

as introduced - 85th Legislature (2007 - 2008) Posted on 12/15/2009 12:00am

A bill for an act
relating to local government; authorizing the town of Crane Lake in St. Louis
County to issue certificates of indebtedness.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1. new text begin TOWN OF CRANE LAKE, CERTIFICATES OF INDEBTEDNESS.
new text end

new text begin Notwithstanding any provision in Minnesota Statutes, section 366.095, or any other
law to the contrary, the town board of the town of Crane Lake in St. Louis County may
issue one or more certificates of indebtedness in a total amount not to exceed $......... The
proceeds of the certificates must be used for property acquisition and other costs related to
a land exchange with the United States Forest Service. The certificates shall be payable in
not more than 30 years and be issued on the terms and in the manner as the board may
determine. A tax levy shall be made to pay the principal and interest on the certificates
as in the case of bonds.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day after the governing body of
the town of Crane Lake and its chief clerical officer timely complete their compliance with
Minnesota Statutes, section 645.021, subdivisions 2 and 3.
new text end