469.129 ISSUANCE OF BONDS.
Subdivision 1. General obligation bonds.
The governing body may authorize, issue, and
sell general obligation bonds to finance the acquisition and betterment of real and personal
property needed to carry out the development program within the development district together
with all relocation costs incidental thereto. The bonds shall mature within 30 years from the date
of issue and shall be issued in accordance with sections
. All tax increments received by the
city pursuant to Minnesota Statutes 1978, section
, shall be pledged for the payment of
these bonds and used to reduce or cancel the taxes otherwise required to be extended for that
purpose. The bonds shall not be included when computing the city's net debt. Bonds shall not
be issued under this paragraph subsequent to August 1, 1979.
Subd. 2. Revenue bonds.
A city may authorize, issue, and sell revenue bonds under section
469.178, subdivision 4
, to refund the principal of and interest on general obligation bonds
originally issued to finance a development district, or one or more series of bonds one of which
series was originally issued to finance a development district, for the purpose of relieving the
city of restrictions on the application of tax increments or for other purposes authorized by law.
The refunding bonds shall not be subject to the conditions set out in section
11 and 12
. Tax increments received by the city with respect to the district may be used to pay
the principal of and interest on the refunding bonds and to pay premiums for insurance or other
security guaranteeing the payment of their principal and interest when due. Tax increments may
be applied in any manner permitted by section
469.176, subdivisions 2 and 4
. Bonds may not be
issued under this subdivision after April 30, 1990.
History: 1987 c 291 s 130; 1989 c 209 art 2 s 43; 1990 c 426 art 1 s 49; 1990 c 604 art 7 s
3; 1991 c 199 art 2 s 27; 1996 c 399 art 2 s 12