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Minnesota Legislature

Office of the Revisor of Statutes

The council may issue certificates of indebtedness or capital notes to purchase equipment to
be owned and used by the council and having an expected useful life of at least as long as the
terms of the certificates or notes. The certificates or notes shall be payable in not more than five
years and shall be issued on such terms and in such manner as the council may determine, and for
this purpose the council may secure payment of the certificates or notes by resolution or by trust
indenture entered into by the council with a corporate trustee within or outside the state, and by a
mortgage in the equipment financed. The total principal amount of the notes or certificates issued
in a fiscal year should not exceed one-half of one percent of the tax capacity of the metropolitan
area for that year. The full faith and credit of the council shall be pledged to the payment of the
certificates or notes, and a tax levy shall be made for the payment of the principal and interest on
the certificates or notes, in accordance with section 475.61, as in the case of bonds issued by a
municipality. The tax levy authorized by this section must be deducted from the amount of taxes
the council is otherwise authorized to levy under section 473.249.
History: 1989 c 355 s 12