2007 Minnesota Statutes

469.100 OBLIGATIONS.
    Subdivision 1. Taxes and assessments prohibited. An authority must not levy a tax or
special assessment, except as otherwise provided in sections 469.090 to 469.108, pledge the credit
of the state or the state's municipal corporations or other subdivisions, or incur an obligation
enforceable on property not owned by the authority.
    Subd. 2. Budget to city. Annually, at a time fixed by charter, resolution, or ordinance of the
city, an authority shall send its budget to its city's council. The budget must include a detailed
written estimate of the amount of money that the authority expects to need from the city to do
authority business during the next fiscal year. The needed amount is what is needed in excess
of any expected receipts from other sources.
    Subd. 3. Fiscal year. The fiscal year of the authority must be the same as the fiscal year
of its city.
    Subd. 4. Report to city. Annually, at a time and in a form fixed by the city council, the
authority shall make a written report to the council giving a detailed account of its activities and of
its receipts and expenditures during the preceding calendar year, together with additional matters
and recommendations it deems advisable for the economic development of the city.
    Subd. 5. Audits. The financial statements of the authority must be prepared, audited, filed,
and published or posted in the manner required for the financial statements of the city that
established the authority. The financial statements must permit comparison and reconciliation
with the city's accounts and financial reports. The report must be filed with the state auditor by
June 30 of each year. The auditor shall review the report and may accept it or, in the public
interest, audit the books of the authority.
    Subd. 6. Compliance examinations. At the request of the city or upon the auditor's initiative,
the state auditor may make a legal compliance examination of the authority for that city. Each
authority examined must pay the total cost of the examination, including the salaries paid to the
examiners while actually engaged in making the examination. The state auditor may bill monthly
or at the completion of the audit. All collections received must be deposited in the general fund.
History: 1987 c 291 s 101; 1989 c 335 art 4 s 88