HF 617

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 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 $225,000, which
are not subject to the debt limits of the town. The proceeds of the certificates must be
used to acquire property and pay 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. Minnesota Statutes,
sections 475.54, subdivision 1, and 475.56, paragraph (c), do not apply to the certificates
issued under this section. 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