language to be deleted (2) new language
Laws of Minnesota 1991 CHAPTER 120-S.F.No. 636 An act relating to local government; enlarging authority to participate in certain federal loan programs; amending Minnesota Statutes 1990, section 465.73. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: Section 1. Minnesota Statutes 1990, section 465.73, is amended to read: 465.73 [TOWN HALLS; FIRE HALLS OR RESCUE EQUIPMENT;
DIRECTLOANS TO POLITICAL SUBDIVISIONS.] For purposes of constructing, repairing, or acquiring town halls, fire halls or fire or rescue equipment any city, county or town may borrow up to $100,000$250,000 directly from or guaranteed by the Farmers Home Administration or other agency of the United States Department of Agriculture on a note secured by a mortgage on the real or personalproperty purchased with the borrowed funds. The city, county, or town may assign revenues from the town halls, fire or rescue department, or fire hall or any other available funds to the Farmers Home Administration or other agency of the United States Department of Agriculture or its guaranteed lender to repay the loan. The amount of the obligation shall not be included when computing the net debt of the city or, county but not the, or town. Unless expressly provided otherwise in the mortgage instrument, when a city, county or town borrows on a mortgage and fails to repay all or a part of the mortgage, the agency is confined to the remedy of recovery of the property purchased with the borrowed funds.An election shall not be required to authorize the note and mortgage unless the agency is confined to the remedy of recovery of the propertyor assignment of revenues. Sec. 2. [EFFECTIVE DATE.] This act takes effect the day after final enactment. Presented to the governor May 16, 1991 Signed by the governor May 19, 1991, 7:28 p.m.
Official Publication of the State of Minnesota
Revisor of Statutes