1997 Minnesota Statutes

     287.04 Exemptions. 

    Subdivision 1.    Generally.  A decree of marriage 
 dissolution or an instrument made pursuant to it or a mortgage 
 given to correct a misdescription of the mortgaged property, or 
 to include additional security for the same indebtedness on 
 which a mortgage registration tax has been paid, are not subject 
 to the tax imposed by this chapter except as provided in section 
 287.05, subdivision 2, paragraph (b).  

    Subd. 2.    Mortgages on public property.  No tax is 
 imposed upon the principal amount of bonds or other obligations 
 issued by the St. Paul port authority under its common revenue 
 bond fund if each of the following conditions are met. 

    (a) The bonds or other obligations are secured by a 
 mortgage on property, title to which is held by the political 
 subdivision. 

    (b) The mortgage is recorded or registered after the date 
 of enactment. 

    (c) The bonds or other obligations are either (i)  
 outstanding on the date of enactment or (ii) issued in exchange 
 for or to otherwise refund bonds or other obligations the 
 original series of which were issued before the date of 
 enactment. 

    HIST: (2322) 1907 c 328 s 1; 1965 c 51 s 53; 1967 c 340 s 1; 
 1983 c 233 s 3; 1993 c 271 s 4