as introduced - 79th Legislature (1995 - 1996) Posted on 12/15/2009 12:00am
Engrossments | ||
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Introduction | Posted on 08/14/1998 |
1.1 A bill for an act 1.2 relating to bonds; providing for proper use of local 1.3 bond proceeds; amending Minnesota Statutes 1994, 1.4 section 475.58, by adding a subdivision. 1.5 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 1.6 Section 1. Minnesota Statutes 1994, section 475.58, is 1.7 amended by adding a subdivision to read: 1.8 Subd. 4. [PROPER USE OF BOND PROCEEDS.] The proceeds of 1.9 obligations issued after approval of the electors under this 1.10 section may only be spent: (1) for the purposes stated in the 1.11 ballot language; or (2) to pay, redeem, or defease obligations 1.12 and interest, penalties, premiums, and costs of issuance of the 1.13 obligations. The proceeds may not be spent for a different 1.14 purpose or for an expansion of the original purpose without the 1.15 approval by a majority of the electors voting on the question of 1.16 changing or expanding the purpose of the obligations.