SF 392

1st Engrossment - 85th Legislature (2007 - 2008) Posted on 12/15/2009 12:00am

A bill for an act
relating to local government; authorizing the town of Crane Lake in St. Louis
County to issue certificates of indebtedness.

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

Section 1. new text begin TOWN OF CRANE LAKE, CERTIFICATES OF INDEBTEDNESS.
new text end

new text begin Notwithstanding Minnesota Statutes, section 366.095, the town board of the town of
Crane Lake in St. Louis County may issue one or more certificates of indebtedness in a
total amount not to exceed $225,000, which are not subject to the debt limits of the town.
The proceeds of the certificates must be used to acquire property and pay other costs
related to a land exchange with the United States Forest Service. The certificates shall be
payable in not more than 30 years and be issued on the terms and in the manner as the
board may determine. Minnesota Statutes, sections 475.54, subdivision 1, and 475.56,
paragraph (c), do not apply to the certificates issued under this section. A tax levy shall be
made to pay the principal and interest on the certificates as in the case of bonds.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day after the Crane Lake Town
Board and its chief clerical officer timely complete their compliance with Minnesota
Statutes, section 645.021, subdivisions 2 and 3.
new text end