2004 Minnesota Statutes

     412.301 Financing purchase of certain equipment. 

    The council may issue certificates of indebtedness or 
 capital notes subject to the city debt limits to purchase public 
 safety equipment, ambulance equipment, road construction or 
 maintenance equipment, and other capital equipment and computer 
 hardware and original operating system software, provided the 
 equipment or software has an expected useful life at least as 
 long as the terms of the certificates or notes.  The authority 
 to issue capital notes for original operating system software 
 expires on July 1, 2005.  Such certificates or notes shall be 
 payable in not more than five years and shall be issued on such 
 terms and in such manner as the council may determine.  If the 
 amount of the certificates or notes to be issued to finance any 
 such purchase exceeds 0.25 percent of the market value of 
 taxable property in the city, they shall not be issued for at 
 least ten days after publication in the official newspaper of a 
 council resolution determining to issue them; and if before the 
 end of that time, a petition asking for an election on the 
 proposition signed by voters equal to ten percent of the number 
 of voters at the last regular municipal election is filed with 
 the clerk, such certificates or notes shall not be issued until 
 the proposition of their issuance has been approved by a 
 majority of the votes cast on the question at a regular or 
 special election.  A tax levy shall be made for the payment of 
 the principal and interest on such certificates or notes, in 
 accordance with section 475.61, as in the case of bonds.  

    HIST: 1949 c 119 s 37; 1957 c 90 s 1; 1969 c 333 s 3; 1973 c 
 123 art 2 s 1 subd 2; 1986 c 465 art 2 s 8; 1988 c 719 art 5 s 
 84; 1989 c 1 s 5; 2003 c 127 art 12 s 17; 1Sp2003 c 21 art 10 s 
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