2007 Minnesota Statutes

469.183 BONDS FOR MUNICIPAL MARKET; FIRST CLASS CITIES.
    Subdivision 1. Issuance. The governing body of any city of the first class that owns,
maintains, and operates its own municipal market may issue negotiable bonds in an amount in
the aggregate not exceeding $200,000. These bonds shall be in the denominations and payable
at the places and at the times, not exceeding 30 years from the date of issuance, as deemed best
by the governing body of the city. The bonds shall be in serial form and bear interest at a rate
not to exceed six percent per annum, payable semiannually, at the place designated therein. The
governing body may negotiate and sell the bonds from time to time to the highest bidder or
bidders, and upon the best terms that can be obtained, provided that no such bonds shall be sold
for less than the par value thereof and accrued interest thereon.
    Subd. 2. Limitations not to apply. The bonds authorized by subdivision 1, or any portion
thereof, may be issued and sold by any such city notwithstanding any limitation contained in the
charter of the city or in any law prescribing or fixing any limit upon the bonded indebtedness
of the city. The governing body of a city issuing these bonds shall set aside annually from the
revenues of the operation of projects for which the bond issue is authorized, a sufficient amount to
pay the interest on the bonds and the principal of any such bonds maturing in any year. In the
event that revenue is insufficient for this purpose, the governing body of the city shall include
in the tax levy a sufficient amount for the payment of the interest as it accrues and for the
accumulation of a sinking fund for the redemption of the bonds at their maturity.
    Subd. 3. Use of proceeds. The proceeds of any bonds issued or sold under the authority of
this section shall be used for the purchase or condemnation of a site or sites for the expansion,
improvement, and equipment of the municipal market, owned, maintained, and operated by the
city; provided, that no bonds in excess of $200,000 shall be issued for those purposes.
    Subd. 4. Additional powers. The authority granted in this section is in addition to all
existing power and authority of any city operating under a home rule charter adopted in pursuance
of the Constitution of the State of Minnesota, article IV, section 36, article XI, section 4, or
article XII, section 5.
History: 1987 c 291 s 184; 1997 c 7 art 4 s 8