SF 1327

1st Engrossment - 80th Legislature (1997 - 1998) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to home rule charter cities; authorizing 
  1.3             municipal financing of computer software and training; 
  1.4             amending Minnesota Statutes 1996, section 410.32. 
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  Minnesota Statutes 1996, section 410.32, is 
  1.7   amended to read: 
  1.8      410.32 [CITIES AUTHORIZED TO ISSUE CAPITAL NOTES FOR 
  1.9   CERTAIN EQUIPMENT ACQUISITIONS.] 
  1.10     Notwithstanding any contrary provision of other law or 
  1.11  charter, a home rule charter city may, by resolution and without 
  1.12  public referendum, issue capital notes subject to the city debt 
  1.13  limit to purchase public safety equipment,; ambulance and other 
  1.14  medical equipment,; road construction and maintenance equipment 
  1.15  ,; computer hardware and related software application training 
  1.16  and development services; and other capital equipment having an 
  1.17  expected useful life at least as long as the term of the notes.  
  1.18  The notes shall be payable in not more than five years and be 
  1.19  issued on terms and in the manner the city determines.  The 
  1.20  total principal amount of the capital notes issued in a fiscal 
  1.21  year shall not exceed 0.03 percent of the market value of 
  1.22  taxable property in the city for that year.  A tax levy shall be 
  1.23  made for the payment of the principal and interest on the notes, 
  1.24  in accordance with section 475.61, as in the case of bonds.  
  1.25  Notes issued under this section shall require an affirmative 
  2.1   vote of two-thirds of the governing body of the city.  
  2.2   Notwithstanding a contrary provision of other law or charter, a 
  2.3   home rule charter city may also issue capital notes subject to 
  2.4   its debt limit in the manner and subject to the limitations 
  2.5   applicable to statutory cities pursuant to section 412.301. 
  2.6      Sec. 2.  [EFFECTIVE DATE.] 
  2.7      Section 1 is effective on the day after final enactment.