SF 3713

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

A bill for an act
relating to rural public water and sewer systems; conforming the maturity date
for bonds issued for rural public water or sewer systems to the maturity date for
bonds issued for municipal water and wastewater treatment systems; amending
Minnesota Statutes 2004, section 116A.20, subdivision 3.

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

Section 1.

Minnesota Statutes 2004, section 116A.20, subdivision 3, is amended to read:

Subd. 3.

How payable.

The bonds shall be payable at such time or times, not to
exceed 30 years from their date new text begin (40 years or the useful life of the asset, whichever is
less, if financed or guaranteed by the United States Department of Agriculture) new text end , and bear
such rate or rates of interest not exceeding eight percent per annum, payable annually or
semiannually as the county board shall by resolution determine. The years and amounts
of principal maturities shall be such as in the opinion of the county board are warranted
by the anticipated collections of the water and sewer improvement assessments without
regard to any limitations on such maturities imposed by section 475.54.

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

new text begin This act is effective the day following final enactment.
new text end