2007 Minnesota Statutes

447.35 BONDS.
A hospital district may borrow money by the issuance of its general obligation bonds:
(1) to acquire and better hospital and nursing home facilities including the provision of an
adequate working capital for a new hospital or nursing home;
(2) for ambulances and related equipment;
(3) for refunding its outstanding bonds; and
(4) for funding valid outstanding orders.
Bonds must be issued by the procedure and subject to the limitations and conditions in chapter
475 for the issuance of bonds by municipalities. Except for revenue bonds issued under sections
447.45 to 447.50, no bonds of a hospital district are excluded from its net debt by virtue of section
475.51, subdivision 4, clause (5). Except as authorized by special law, the taxes initially levied
by any district in accordance with section 475.61, for the payment of its bonds, upon property
within each municipality included in the hospital district, must be included in computing the
levy of the municipality; but nothing here limits the taxes required by section 475.74, to be
levied by the district for payment of any deficiency in its bond sinking funds. An election is
required before the issuance of all bonds except funding or refunding bonds. The proposition
submitted at the election must be whether the hospital board shall be authorized to issue bonds
of the district in a specified maximum amount, for the purpose of financing the acquisition and
betterment of hospital and nursing home facilities, or of facilities of other stated types if it is not
proposed to use the bond proceeds for hospital and nursing home facilities. Bonds issued by a
hospital district do not constitute indebtedness for any purpose of any county, city, or town whose
territory is included in the district.
History: 1959 c 570 s 5; 1969 c 333 s 4; 1973 c 123 art 5 s 7; 1978 c 609 s 1; 1Sp1981 c 4
art 1 s 169; 1983 c 213 s 12; 1987 c 229 art 10 s 1; 1Sp1989 c 1 art 5 s 33