HF 680

as introduced - 79th Legislature (1995 - 1996) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to local government; authorizing home rule 
  1.3             charter cities to issue tax anticipation certificates; 
  1.4             proposing coding for new law in Minnesota Statutes, 
  1.5             chapter 410.  
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  [410.325] [TAX ANTICIPATION CERTIFICATES.] 
  1.8      Notwithstanding a contrary provision of other law or 
  1.9   charter, a home rule charter city may issue tax anticipation 
  1.10  certificates in the manner and subject to the limitations 
  1.11  applicable to statutory cities under section 412.261.  The 
  1.12  certificates may also be issued in anticipation of federal and 
  1.13  state aids, but the total amount of certificates issued against 
  1.14  any fund for any year with interest on them must not exceed 80 
  1.15  percent of the total of the anticipated tax levy and the 
  1.16  anticipated state aids for any fund not yet collected or 
  1.17  received.  
  1.18     Sec. 2.  [EFFECTIVE DATE.] 
  1.19     Section 1 is effective the day following final enactment.