as introduced - 83rd Legislature (2003 - 2004) Posted on 12/15/2009 12:00am
|Introduction||Posted on 03/26/2003|
1.1 A bill for an act 1.2 relating to municipalities; extending the terms for 1.3 which certain certificates of indebtedness may be 1.4 issued; amending Minnesota Statutes 2002, section 1.5 412.301. 1.6 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 1.7 Section 1. Minnesota Statutes 2002, section 412.301, is 1.8 amended to read: 1.9 412.301 [FINANCING PURCHASE OF CERTAIN EQUIPMENT.] 1.10 The council may issue certificates of indebtedness or 1.11 capital notes subject to the city debt limits to purchase public 1.12 safety equipment, ambulance equipment, road construction or 1.13 maintenance equipment, and other capital equipment having an 1.14 expected useful life at least as long as the terms of the 1.15 certificates or notes. Such certificates or notes shall be 1.16 payable in not more than
fiveten years and shall be issued on 1.17 such terms and in such manner as the council may determine. If 1.18 the amount of the certificates or notes to be issued to finance 1.19 any such purchase exceeds 0.25 percent of the market value of 1.20 taxable property in the city, they shall not be issued for at 1.21 least ten days after publication in the official newspaper of a 1.22 council resolution determining to issue them; and if before the 1.23 end of that time, a petition asking for an election on the 1.24 proposition signed by voters equal to ten percent of the number 1.25 of voters at the last regular municipal election is filed with 2.1 the clerk, such certificates or notes shall not be issued until 2.2 the proposition of their issuance has been approved by a 2.3 majority of the votes cast on the question at a regular or 2.4 special election. A tax levy shall be made for the payment of 2.5 the principal and interest on such certificates or notes, in 2.6 accordance with section 475.61, as in the case of bonds. 2.7 Sec. 2. [EFFECTIVE DATE.] 2.8 Section 1 is effective for certificates of indebtedness 2.9 issued after the date of final enactment of this act.