Minnesota Session Laws - 1989, Regular Session

  

                         Laws of Minnesota 1989 

                        CHAPTER 109-H.F.No. 765 
           An act relating to the Western Lake Superior Sanitary 
          District; authorizing the district to issue refunding 
          obligations without redemption of outstanding 
          obligations prior to maturity; amending Laws 1971, 
          chapter 478, section 9a, subdivision 4, as added; and 
          section 13, subdivision 4. 
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
    Section 1.  Laws 1971, chapter 478, section 9a, subdivision 
4, as added by Laws 1974, chapter 377, section 10, is amended to 
read: 
    Subd. 4.  [GENERAL OBLIGATION BONDS.] The board may by 
resolution authorize the issuance of general obligation bonds 
for the acquisition or betterment of solid waste disposal sites 
and facilities, including but without limitation, the payment of 
interest during construction and for a reasonable period 
thereafter, the establishment of a reserve for bond payments, 
working capital, refunding of outstanding bonds, certificates of 
indebtedness, or judgments.  The board shall pledge its full 
faith and credit and taxing power for the payment of the bonds 
and provide for the issuance and sale and for the security of 
such bonds in the manner provided in Minnesota Statutes 1971, 
Chapter 475, and shall have the same powers and duties as a 
municipality issuing bonds under that law, except no election 
shall be required and the debt limitations of chapter 475 shall 
not apply to the bonds.  The board may pledge for payment of the 
bonds, revenues received from users.  The board may by 
resolution and prior to beginning operation of any solid waste 
disposal site or facility authorize the issuance of general 
obligation bonds in an amount not to exceed 50 percent of the 
estimated cost of operating the disposal site or facility for 
the first 12 months of operation.  The estimated cost shall be 
the best estimate of the board declared in resolution form.  The 
board shall pledge its full faith, credit and taxing powers for 
the payment of such bonds and provide for the issuance and sale 
and for the security of such bonds in the manner provided in 
chapter 475, and shall have the same powers and duties as a 
municipality issuing bonds under that law, except no election 
shall be required and the debt limitations of chapter 475 shall 
not apply to the bonds.  The board may also pledge for the 
payment of the bonds any revenues receivable from user charges.  
Notwithstanding Minnesota Statutes, section 475.67, subdivision 
12, the board may issue general obligations to refund 
outstanding obligations without calling the outstanding 
obligations for redemption prior to maturity. 
    Sec. 2.  Laws 1971, chapter 478, section 13, subdivision 4, 
is amended to read: 
    Subd 4.  [GENERAL OBLIGATION BONDS.] The board may by 
resolution authorize the issuance of general obligation bonds 
for the acquisition or betterment of any part of the district 
disposal system, including but without limitation the payment of 
interest during construction and for a reasonable period 
thereafter and the establishment of reserves for bond payments 
and for working capital, or for the refunding of outstanding 
bonds, certificates of indebtedness, or judgments.  The board 
shall pledge its full faith and credit and taxing powers for the 
payment of such bonds and provide for the issuance and sale and 
for the security of such bonds in the manner provided in 
Minnesota Statutes 1969, Chapter 475, and shall have the same 
powers and duties as a municipality issuing bonds under that 
law, except that no election shall be required and the debt 
limitations of Minnesota Statutes 1969, Chapter 475, shall not 
apply to such bonds.  The board may also pledge for the payment 
of such bonds any revenues receivable under section 
10.  Notwithstanding Minnesota Statutes, section 475.67, 
subdivision 12, the board may issue general obligations to 
refund outstanding obligations without calling the outstanding 
obligations for redemption prior to maturity. 
    Presented to the governor May 5, 1989 
    Signed by the governor May 9, 1989, 6:23 p.m.