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SF 2246

as introduced - 84th Legislature (2005 - 2006) Posted on 12/15/2009 12:00am

KEY: stricken = removed, old language.
underscored = added, new language.

Current Version - as introduced

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A bill for an act
relating to the town of White and the city of Biwabik;
authorizing general obligations of the town of White.

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

Section 1. new text begin TOWN OF WHITE; OBLIGATIONS AUTHORIZED.
new text end

new text begin Subdivision 1. new text end

new text begin Obligations. new text end

new text begin Notwithstanding any
provision of law or charter to the contrary, the town of White
may pledge its general obligation, as defined in Minnesota
Statutes, section 475.51, subdivision 10, to secure the
financing of local improvements as provided in this section.
new text end

new text begin Subd. 2.new text end

new text begin Special rules.new text end

new text begin (a) The obligations are subject
to the provisions of Minnesota Statutes, chapter 429, except as
provided in this subdivision.
new text end

new text begin (b) The obligations must be issued to finance:
new text end

new text begin (1) the cost of local improvements described in Minnesota
Statutes, section 429.021, located within the area referred to
in Laws 2003, chapter 119, section 2;
new text end

new text begin (2) any reserves required to market the obligation; and
new text end

new text begin (3) the costs of issuing the obligations.
new text end

new text begin (c) The obligations must be additionally secured by special
assessments levied or to be levied by the city of Biwabik within
the area referred to in paragraph (b).
new text end

new text begin (d) The pledge of special assessments by the city of
Biwabik for the payment of the obligations must be made by
written agreement by and between the town of White and the city
of Biwabik and must be filed with the county auditor.
new text end

new text begin (e) Notwithstanding Minnesota Statutes, section 475.58, no
election is required to approve the obligations.
new text end

new text begin (f) The obligations are not included in computing any debt
limitation applicable to the town of White or the city of
Biwabik, and the levy of taxes under Minnesota Statutes, section
475.61, to pay principal of and interest on the obligations is
not subject to any levy limitation.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective upon local
approval by the town of White and the city of Biwabik in
compliance with the requirements of Minnesota Statutes, section
645.021.
new text end