2003 Minnesota Statutes

     410.32 Cities may issue capital notes for capital 
  equipment. 

    Notwithstanding any contrary provision of other law or 
 charter, a home rule charter city may, by resolution and without 
 public referendum, issue capital notes subject to the city debt 
 limit to purchase public safety equipment, ambulance and other 
 medical equipment, road construction and maintenance equipment, 
 and other capital equipment and computer hardware and original 
 operating system software, provided the equipment or software 
 has an expected useful life at least as long as the term of the 
 notes.  The authority to issue capital notes for original 
 operating system software expires on July 1, 2005.  The notes 
 shall be payable in not more than five years and be issued on 
 terms and in the manner the city determines.  The total 
 principal amount of the capital notes issued in a fiscal year 
 shall not exceed 0.03 percent of the market value of taxable 
 property in the city for that year.  A tax levy shall be made 
 for the payment of the principal and interest on the notes, in 
 accordance with section 475.61, as in the case of bonds.  Notes 
 issued under this section shall require an affirmative vote of 
 two-thirds of the governing body of the city.  Notwithstanding a 
 contrary provision of other law or charter, a home rule charter 
 city may also issue capital notes subject to its debt limit in 
 the manner and subject to the limitations applicable to 
 statutory cities pursuant to section 412.301. 

    HIST: 1983 c 361 s 1; 1988 c 702 s 2; 1988 c 719 art 5 s 84; 
 1989 c 1 s 4; 1990 c 612 s 15; 2003 c 127 art 12 s 15; 1Sp2003 c 
 21 art 10 s 11