Minnesota Legislature
Office of the Revisor of Statutes
2007 Minnesota Statutes
This is an historical version of this statute chapter. Also view the most recent published version.
126C.56 SALE OF CERTIFICATES; DISBURSEMENT OF PROCEEDS.
Subdivision 1. Public sale. The clerk of the board shall give notice of the proposed sale as
required by chapter 475. At the time and place so fixed, such certificates may be sold by the board,
or its officers if authorized by the board, to the bidder who will agree to purchase the same on
terms deemed most favorable to the district. Such certificates shall be executed and delivered as
required by chapter 475. The money so received shall be disbursed solely for the purposes for
which such taxes are levied or aids are receivable. The purchaser of such certificates shall not be
obligated to see to such application of the proceeds.
Subd. 2. Public sale exception. Public sale of tax and aid anticipation certificates of
indebtedness according to subdivision 1 shall not be required (1) if the proposed borrowing
is in an amount less than $400,000, and if the sum of all outstanding tax and aid anticipation
certificates issued by the board within the preceding six months does not exceed $400,000 or, (2)
if the certificates mature no later than 13 months after their date of issue. If no public sale is held,
the certificates of indebtedness may be sold in accordance with the most favorable of two or more
proposals solicited privately or the interest rates may be determined by direct negotiation.
History: 1963 c 371 s 6; 1974 c 406 s 15; 1978 c 764 s 74; 1Sp1985 c 12 art 7 s 20; 1987
c 344 s 1; 1998 c 397 art 7 s 164
Subdivision 1. Public sale. The clerk of the board shall give notice of the proposed sale as
required by chapter 475. At the time and place so fixed, such certificates may be sold by the board,
or its officers if authorized by the board, to the bidder who will agree to purchase the same on
terms deemed most favorable to the district. Such certificates shall be executed and delivered as
required by chapter 475. The money so received shall be disbursed solely for the purposes for
which such taxes are levied or aids are receivable. The purchaser of such certificates shall not be
obligated to see to such application of the proceeds.
Subd. 2. Public sale exception. Public sale of tax and aid anticipation certificates of
indebtedness according to subdivision 1 shall not be required (1) if the proposed borrowing
is in an amount less than $400,000, and if the sum of all outstanding tax and aid anticipation
certificates issued by the board within the preceding six months does not exceed $400,000 or, (2)
if the certificates mature no later than 13 months after their date of issue. If no public sale is held,
the certificates of indebtedness may be sold in accordance with the most favorable of two or more
proposals solicited privately or the interest rates may be determined by direct negotiation.
History: 1963 c 371 s 6; 1974 c 406 s 15; 1978 c 764 s 74; 1Sp1985 c 12 art 7 s 20; 1987
c 344 s 1; 1998 c 397 art 7 s 164
Official Publication of the State of Minnesota
Revisor of Statutes