410.32 CITIES MAY ISSUE CAPITAL NOTES FOR CAPITAL EQUIPMENT.
(a) 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 capital equipment.
(b) For purposes of this section, "capital equipment" means:
(1) public safety equipment, ambulance and other medical equipment, road construction and
maintenance equipment, and other capital equipment; and
(2) computer hardware and software, whether bundled with machinery or equipment or
(c) The equipment or software must have an expected useful life at least as long as the term
of the notes. The authority to issue capital notes for software expires on July 1, 2007.
(d) The notes shall be payable in not more than ten 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.
(e) A tax levy shall be made for the payment of the principal and interest on the notes, in
accordance with section
, as in the case of bonds.
(f) Notes issued under this section shall require an affirmative vote of two-thirds of the
governing body of the city.
(g) 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
History: 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; 2005 c 152 art 1 s 8