Minnesota Legislature
Office of the Revisor of Statutes
2006 Minnesota Statutes
This is an historical version of this statute chapter. Also view the most recent published version.
398.17 BONDS.
The park district board may by resolution provide for the issuance of negotiable general
obligation bonds of the district in the manner specified in chapter 475, except as otherwise
provided in this section, but only for the purpose of financing the acquisition and betterment of
park properties and facilities or for refunding outstanding obligations of the district, and bonds
shall at no time be issued in an amount such as to cause the net debt of the district to exceed
five-tenths of one percent of the latest full and true valuation, as finally equalized in accordance
with section 274.13. "Net debt" for the purpose of this chapter is defined as in section 475.51
except that tax anticipation notes shall be excluded therefrom. No bonds shall be issued in an
amount which would cause the net debt to exceed one-tenth of one percent of such full and true
valuation without first obtaining the approval of a majority of the electors voting on the question
at an election called in the manner provided in section 398.16.
The ballot at any bond election shall state the maximum amount and purpose or purposes of
the proposed issue, and no issue shall be invalidated by reason of the inclusion in the ballot of
more than one purpose. Taxes for the payment of principal and interest on bonds, whether levied
before the issuance thereof or levied subsequently to restore deficiencies in the bond sinking fund,
shall not be subject to any limitation as to rate or amount and shall not be included in determining
the application of any statutory limitation to other tax levies.
History: 1955 c 806 s 17; 1957 c 160 s 3
The park district board may by resolution provide for the issuance of negotiable general
obligation bonds of the district in the manner specified in chapter 475, except as otherwise
provided in this section, but only for the purpose of financing the acquisition and betterment of
park properties and facilities or for refunding outstanding obligations of the district, and bonds
shall at no time be issued in an amount such as to cause the net debt of the district to exceed
five-tenths of one percent of the latest full and true valuation, as finally equalized in accordance
with section 274.13. "Net debt" for the purpose of this chapter is defined as in section 475.51
except that tax anticipation notes shall be excluded therefrom. No bonds shall be issued in an
amount which would cause the net debt to exceed one-tenth of one percent of such full and true
valuation without first obtaining the approval of a majority of the electors voting on the question
at an election called in the manner provided in section 398.16.
The ballot at any bond election shall state the maximum amount and purpose or purposes of
the proposed issue, and no issue shall be invalidated by reason of the inclusion in the ballot of
more than one purpose. Taxes for the payment of principal and interest on bonds, whether levied
before the issuance thereof or levied subsequently to restore deficiencies in the bond sinking fund,
shall not be subject to any limitation as to rate or amount and shall not be included in determining
the application of any statutory limitation to other tax levies.
History: 1955 c 806 s 17; 1957 c 160 s 3
Official Publication of the State of Minnesota
Revisor of Statutes