Minnesota Session Laws - 1986, Regular Session

  

                         Laws of Minnesota 1986 

                        CHAPTER 314-S.F.No. 1587
           An act relating to public indebtedness; permitting 
          home rule charter and statutory cities and towns to 
          incur debt for warning systems; amending Minnesota 
          Statutes 1984, section 475.52, subdivision 1; and 
          Minnesota Statutes 1985 Supplement, section 366.095.  
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
    Section 1.  Minnesota Statutes 1985 Supplement, section 
366.095, is amended to read: 
    366.095 [FINANCING PURCHASE OF CERTAIN EQUIPMENT.] 
    Subdivision 1.  [CERTIFICATES OF INDEBTEDNESS.] The town 
board may issue certificates of indebtedness within the existing 
debt limits for a town purpose otherwise authorized by law.  The 
certificates shall be payable in not more than five years and 
shall be issued on the terms and in the manner as the board may 
determine.  If the amount of the certificates to be issued to 
finance the purchase exceeds one percent of the assessed 
valuation of the town, excluding money and credits, they shall 
not be issued for at least ten days after publication in a 
newspaper of general circulation in the town of the board's 
resolution determining to issue them; and if before the end of 
that time, a petition asking for an election on the proposition 
signed by voters equal to ten percent of the number of voters at 
the last regular town election is filed with the clerk, the 
certificates shall not be issued until the proposition of their 
issuance has been approved by a majority of the votes cast on 
the question at a regular or special election.  A tax levy shall 
be made for the payment of the principal and interest on the 
certificates as in the case of bonds.  
    Subd. 2.  [BONDS; OTHER OBLIGATIONS.] Any town authorized 
to exercise powers under section 368.01 may issue bonds or other 
obligations for the acquisition or betterment of warning systems.
Bonds or other obligations authorized by this subdivision must 
be sold, issued, and secured in the manner provided in chapter 
475. 
    Sec. 2.  Minnesota Statutes 1984, section 475.52, 
subdivision 1, is amended to read: 
    Subdivision 1.  [STATUTORY CITIES.] Any statutory city may 
issue bonds or other obligations for the acquisition or 
betterment of public buildings, means of garbage disposal, 
hospitals, nursing homes, homes for the aged, schools, 
libraries, museums, art galleries, parks, playgrounds, stadia, 
sewers, sewage disposal plants, subways, streets, sidewalks, 
warning systems; for any utility or other public convenience 
from which a revenue is or may be derived; for a permanent 
improvement revolving fund; for changing, controlling or 
bridging streams and other waterways; for the acquisition and 
betterment of bridges and roads within two miles of the 
corporate limits; and for acquisition of equipment for snow 
removal, street construction and maintenance, or fire fighting.  
Without limitation by the foregoing the city may issue bonds to 
provide money for any authorized corporate purpose except 
current expenses. 
    Approved March 5, 1986