366.095 AUTHORITY TO ISSUE CERTIFICATES OF INDEBTEDNESS.
Subdivision 1. Certificates of indebtedness.
The town board may issue certificates of
indebtedness within the debt limits for a town purpose otherwise authorized by law. The
certificates shall be payable in not more than five years and be issued on the terms and in the
manner as the board may determine. If the amount of the certificates to be issued exceeds 0.25
percent of the market value of the town, 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. If within 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 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 to pay
the principal and interest on the certificates as in the case of bonds.
Subd. 2. Bonds; other obligations.
A town authorized to exercise powers under section
may issue bonds or other obligations to acquire or better warning systems. Bonds or
other obligations authorized by this subdivision must be sold, issued, and secured as provided
in chapter 475.
History: 1984 c 562 s 27; 1985 c 169 s 10; 1986 c 314 s 1; 1987 c 384 art 1 s 35; 1988 c
719 art 5 s 84; 1989 c 1 s 3; 1989 c 197 art 7 s 1