2002 Minnesota Statutes

     374.27 Bond issue. 

    When the city has been authorized to issue bonds to pay its 
 share of the cost, the county board may submit to the voters, in 
 the manner provided, under section 375.20, the question as to 
 whether or not to issue and sell bonds of the county to pay the 
 county's share of the cost of acquiring land for, constructing, 
 equipping and furnishing the building.  The full faith and 
 credit of the county must be pledged to the payment of the 
 principal and interest of the bonds issued.  The bonds may be 
 issued in one or more installments, but the bonds of each 
 installment must be serial bonds, a portion of which shall be 
 payable each year after issue.  None of the bonds shall run 
 longer than 20 years from their date.  The board of county 
 commissioners shall fix the denominations and the dates of 
 maturity of each installment so that the amounts necessary each 
 year to pay the principal and interest maturing any year shall 
 be approximately the same in each of the years during which the 
 bonds of the installment shall run.  The bonds shall be sold as 
 provided under section 475.60, at a rate of interest as 
 authorized under section 475.55.  

    HIST: 1947 c 288 s 3; 1973 c 123 art 5 s 7; 1985 c 109 s 4