469.152 PURPOSES. The welfare of the state requires the active promotion, attraction, encouragement, and development of economically sound industry and commerce through governmental action for the purpose of preventing the emergence of blighted and marginal lands and areas of chronic unemployment. It is the policy of the state to facilitate and encourage action by local […]
469.153 DEFINITIONS. Subdivision 1. Generally. In sections 469.152 to 469.165, the terms defined in this section have the meanings given them herein, unless the context indicates a different meaning. Subd. 2. Project. (a) “Project” means (1) any properties, real or personal, used or useful in connection with a revenue producing enterprise, or any combination of […]
469.154 DEPARTMENT OF EMPLOYMENT AND ECONOMIC DEVELOPMENT DUTIES. Subdivision 1. Generally. The Department of Employment and Economic Development shall investigate, assist, and advise municipalities, and report to the governor and the legislature concerning the operation of sections 469.152 to 469.165 and the projects undertaken under those sections. Subd. 2. Local request for assistance. Any municipality […]
469.155 POWERS. Subdivision 1. General. Any municipality or redevelopment agency has the powers set forth in this section. Subd. 2. Project acquisition. It may acquire, construct, and hold any lands, buildings, easements, water and air rights, improvements to lands and buildings, and capital equipment to be located permanently or used exclusively on a designated site […]
469.156 AUTHORIZATION OF PROJECTS AND BONDS. The acquisition, construction, reconstruction, improvement, betterment, or extension of any project, the execution of any revenue agreement or mortgage pertaining thereto, and the issuance of bonds in anticipation of the collection of the revenues of the project to provide funds to pay for its cost, may be authorized by […]
469.157 DETERMINATION OF COST OF PROJECT. In determining the cost of a project, the governing body may include all cost and estimated cost of the acquisition, construction, reconstruction, improvement, betterment, and extension of the project and any related public improvements, all engineering, inspection, fiscal, legal, administrative, and printing expense, the interest which it is estimated […]
469.158 MANNER OF ISSUANCE OF BONDS; INTEREST RATE. Bonds authorized under sections 469.152 to 469.165 must be issued in accordance with the provisions of chapter 475 relating to bonds payable from income of revenue producing conveniences, except that public sale is not required, the provisions of sections 475.62 and 475.63 do not apply, and the […]
469.159 TEMPORARY LOANS. After authorization of bonds pursuant to section 469.156, the governing body may provide funds immediately required for the purpose and not exceeding the amount of the bonds, by effecting temporary loans upon the terms it determines by resolution. The loans shall be evidenced by notes subject to the provisions of section 469.162, […]
469.160 VALIDITY OF BONDS; PRESUMPTION. The validity of bonds or notes issued under sections 469.152 to 469.165 shall not depend on nor be affected by the validity or regularity of any proceedings relating to the acquisition, purchase, construction, reconstruction, improvement, betterment, or extension of the project for which they are issued. The ordinance or resolution […]
469.161 LIMITATION OF POWERS BY RESOLUTION OR ORDINANCE. Any ordinance, resolution, revenue agreement, indenture, or other instrument authorizing the issuance of bonds under sections 469.152 to 469.165 to finance, in whole or in part, the acquisition, construction, reconstruction, improvement, betterment, or extension of any project may contain covenants, notwithstanding that the covenants may limit the […]
469.162 SOURCE OF PAYMENT FOR BONDS. Subdivision 1. Restrictions on payment. Revenue bonds issued under sections 469.152 to 469.165 shall not be payable from nor charged upon any funds other than the revenue pledged to their payment, except as provided in this section, nor shall the municipality or redevelopment agency issuing the same be subject […]
469.163 BONDHOLDERS’ RIGHTS AND REMEDIES. Subject to any contractual limitations binding upon the holders of any issue of revenue bonds, or a trustee therefor, including the restriction of the exercise of any remedy to a specified proportion or percentage of the holders, any holder of bonds, or any trustee therefor, for the equal benefit and […]
469.164 POWERS ADDED TO APPLICATION OF EXISTING LAWS AND RULES. Subdivision 1. Generally. The powers conferred by sections 469.152 to 469.165 are in addition to the powers conferred by any other law or charter. Insofar as the provisions of any other law or charter are inconsistent with sections 469.152 to 469.165, the provisions of these […]
469.165 APPLICABILITY OF HRA PROVISIONS. If property that has been acquired by a housing and redevelopment authority pursuant to the provisions of sections 469.001 to 469.047, is sold, leased, or acquired with the consent of the housing and redevelopment authority in connection with a project conducted wholly or partly pursuant to the provisions of sections […]
469.1655 QUALIFIED GREEN BUILDING AND SUSTAINABLE DESIGN PROJECTS. Subdivision 1. Project designation and eligibility. (a) A municipality or redevelopment agency issuing revenue bonds under sections 469.152 to 469.165 may designate the project for which the bonds are issued as a qualified green building and sustainable design project as provided in this section. (b) The issuer […]
