SF 98

as introduced - 85th Legislature (2007 - 2008) Posted on 12/15/2009 12:00am

A bill for an act
relating to bonds; authorizing the city of Winsted to issue bonds under Minnesota
Statutes, chapter 475, to finance the acquisition and betterment of a facility
consisting of a city hall, community center, and police station.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1. new text begin CITY OF WINSTED; BONDING AUTHORITY.
new text end

new text begin (a) The city of Winsted may issue general obligation bonds under Minnesota
Statutes, chapter 475, to finance the acquisition and betterment of a facility consisting of
a city hall, community center, and police station; park improvements, including trails
and an amphitheater; related public improvements; and substantial landscaping for the
improvements.
new text end

new text begin (b) The bonds may be issued as general obligations of the city without an election to
approve the bonds under Minnesota Statutes, section 475.58.
new text end

new text begin (c) The bonds are not included in computing any debt limitation applicable to the
city, including, but not limited to, the net debt limits under Minnesota Statutes, section
475.53, and the levy of taxes under Minnesota Statutes, section 475.61, to pay principal of
and interest on the bonds is not subject to any levy limitation.
new text end

new text begin (d) The aggregate principal amount of bonds used to pay costs of the acquisition and
betterment of the facility consisting of a city hall, community center, and police station;
park improvements, including trails and an amphitheater; related public improvements;
and substantial landscaping for the improvements may not exceed $4,900,000, plus an
amount equal to the costs related to issuance of the bonds and capitalized interest.
new text end

Sec. 2. new text begin EFFECTIVE DATE.
new text end

new text begin Section 1 is effective upon compliance by the governing body of the city of Winsted
with Minnesota Statutes, section 645.021, subdivision 3.
new text end