1999 Minnesota Statutes

     469.1814 Bonding authority. 

    Subdivision 1.    Authority.  A political subdivision 
 may issue bonds or other obligations to provide an amount equal 
 to the sum of the abatements granted for a property under 
 section 469.1813.  The maximum principal amount of these bonds 
 may not exceed the estimated sum of the abatements for the 
 property for the years authorized.  The bonds may be general 
 obligations of the political subdivision if the governing body 
 of the political subdivision elects to pledge the full faith and 
 credit of the subdivision in the resolution issuing the bonds. 

    Subd. 2.    Bond code applies.  Chapter 475 applies to 
 the obligations authorized by this section, except bonds are 
 excluded from the calculation of the net debt limit. 

    Subd. 3.    Municipal issue for combined abatements.  If 
 two or more political subdivisions decide to grant abatements 
 for the same property, the municipality in which the property is 
 located may issue bonds to provide an amount equal to the sum of 
 the abatements for each of the jurisdictions that agrees.  The 
 governing body of each of the other jurisdictions must guarantee 
 and pledge to pay annually to the municipality the amount of the 
 abatement.  This pledge and guarantee is a binding obligation of 
 the political subdivision and must be included in the abatement 
 resolution. 

    Subd. 4.    Bonded abatements not subject to review.  If 
 bonds are issued to provide advance payment of abatements under 
 this section, the amount of abatement is not subject to periodic 
 review by the political subdivision under section 469.1813, 
 subdivision 7. 

    Subd. 5.    Use of proceeds.  The proceeds of bonds 
 issued under this section may be used to (1) pay for public 
 improvements that benefit the property, (2) to acquire and 
 convey land or other property, as provided under this section, 
 (3) to reimburse the property owner for the cost of improvements 
 made to the property, or (4) to pay the costs of issuance of the 
 bonds. 

    HIST: 1997 c 231 art 2 s 47