2006 Minnesota Statutes

428A.16 BONDS.
At any time after a contract for the construction of all or part of an improvement authorized
under sections 428A.11 to 428A.20 has been entered into or the work has been ordered, the
implementing entity may issue obligations in the amount it deems necessary to defray in whole or
in part the expense incurred and estimated to be incurred in making the improvement, including
every item of cost from inception to completion and all fees and expenses incurred in connection
with the improvement or the financing.
The obligations are payable primarily out of the proceeds of the fees imposed under section
428A.14, or from any other special assessments or revenues available to be pledged for their
payment under charter or statutory authority, or from two or more of those sources. The governing
body of the city, or if the governing bodies are the same or consist of identical membership,
the authority may, by resolution adopted prior to the sale of obligations, pledge the full faith,
credit, and taxing power of the city to bonds issued by it to ensure payment of the principal and
interest if the proceeds of the fees in the area are insufficient to pay the principal and interest. The
obligations must be issued in accordance with chapter 475, except that an election is not required,
and the amount of the obligations are not included in determination of the net debt of the city
under the provisions of any law or charter limiting debt.
History: 1996 c 471 art 8 s 12; 2000 c 490 art 11 s 8