HF 1359

as introduced - 83rd Legislature (2003 - 2004) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to the city of Buffalo; authorizing it to 
  1.3             issue general obligation bonds to pay for the city's 
  1.4             share of highway 55 reconstruction and upgrading. 
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  [BUFFALO; CITY BONDS FOR HIGHWAY 55.] 
  1.7      The city of Buffalo may issue up to ....... of its general 
  1.8   obligation bonds to pay for the city's share of costs of 
  1.9   reconstruction and upgrading of that part of Minnesota trunk 
  1.10  highway marked 55 that lies within the city of Buffalo. 
  1.11     The bonds must be issued and sold in accordance with 
  1.12  Minnesota Statutes, chapter 475, except that the debt need not 
  1.13  be included within any limit on net debt imposed by chapter 475 
  1.14  and no election is required to authorize the bond issue. 
  1.15     Notwithstanding any other law, including any law enacted 
  1.16  during the 2003 legislative session whether enacted before or 
  1.17  after the enactment of this act, the debt or debt service on 
  1.18  bonds issued under this section is excluded from any levy or 
  1.19  other taxing limits and is not spending or revenue for purposes 
  1.20  of calculating local government aids or local government aids 
  1.21  reductions. 
  1.22     [EFFECTIVE DATE.] This section is effective the day after 
  1.23  the governing body of Buffalo and its chief clerical officer 
  1.24  timely complete their compliance with Minnesota Statutes, 
  1.25  section 645.021, subdivisions 2 and 3.