475.51 DEFINITIONS. Subdivision 1. Terms. For the purposes of this chapter, the terms defined in this section shall have the meanings given them. Subd. 2. Municipality. “Municipality” means a city of any class, county, town, or school district. Subd. 3. Obligation. “Obligation” means any promise to pay a stated amount of money at a fixed […]
475.52 BOND ISSUES; PURPOSES. Subdivision 1. Statutory cities. Any statutory city may issue bonds or other obligations for the acquisition or betterment of public buildings, means of garbage disposal, hospitals, nursing homes, homes for the aged, schools, libraries, museums, art galleries, parks, playgrounds, stadia, sewers, sewage disposal plants, subways, streets, sidewalks, warning systems; for any […]
475.521 CAPITAL IMPROVEMENT BONDS. Subdivision 1. Definitions. For purposes of this section, the following terms have the meanings given. (a) “Bonds” mean an obligation defined under section 475.51. (b) “Capital improvement” means acquisition or betterment of public lands, buildings or other improvements for the purpose of a city hall, town hall, library, public safety facility, […]
475.522 GRANT ANTICIPATION FINANCING OF TRANSPORTATION OR TRANSIT PROJECTS. Subdivision 1. Definitions. For purposes of this section, the term “political subdivision” means a county or a statutory or home rule charter city, and the term “issuing political subdivision” means a political subdivision that issues obligations under subdivision 2. Subd. 2. Authorization. An issuing political subdivision […]
475.525 MUNICIPAL DISTRICT HEATING BONDS. Subdivision 1. General obligation bonds. A municipality may, by resolution, authorize, issue and sell general obligation bonds or obligations to finance any expenditure by the municipality for the acquisition, construction, expansion, modification or operation of a district heating system and for the purpose of loaning the proceeds of the bonds […]
475.53 LIMIT ON NET DEBT. Subdivision 1. Generally. Except as otherwise provided in sections 475.51 to 475.74, no municipality, except a school district or a city of the first class, shall incur or be subject to a net debt in excess of three percent of the estimated market value of taxable property in the municipality. […]
475.54 MATURITIES; REDEMPTION. Subdivision 1. In installments; exception; annual limit. Except as provided in subdivision 3, 5a, 15, or 17, or as expressly authorized in another law, all obligations of each issue shall mature or be subject to mandatory sinking fund redemption in installments, the first not later than three years and the last not […]
475.55 EXECUTION; NEGOTIABILITY; INTEREST RATES. Subdivision 1. Form. All obligations shall be securities as provided in the Uniform Commercial Code, chapter 336, article 8, may be issued as certificated securities or as uncertificated securities, and if issued as certificated securities may be issued in bearer form or in registered form, as defined in section 336.8-102. […]
475.551 EXCESSIVE INTEREST, VALIDATION. In all cases where obligations have been or shall hereafter be issued and sold upon terms and conditions conforming to the provisions of section 475.55, and otherwise in conformity with law, such issuance and sale are hereby authorized, legalized and validated. History: 1969 c 93 s 2
475.553 PAYING AGENT; DESTRUCTION OF OBLIGATIONS AND COUPONS. Subdivision 1. Principal office within issuer’s area; exception. The governing body may appoint as paying agent for an issue of obligations one or more national banks, or banks incorporated under the laws of any state, provided that no bank shall be appointed as paying agent for obligations […]
475.56 INTEREST RATE. (a) Any municipality issuing obligations under any law may issue obligations bearing interest at a single rate or at rates varying from year to year which may be lower or higher in later years than in earlier years. The highest aggregate rate of interest contracted to be so paid for any period […]
475.561 TAXABLE STATUS; SPECIAL PROVISIONS. Subdivision 1. Increase or decrease in interest. (a) Obligations may be issued which provide, if interest on the obligations is determined under the terms of the obligations to be subject to federal income taxation, for an increase in the rate of interest payable on the obligations, from the date of […]
475.57 INITIATION OF PROCEEDINGS; RESOLUTION. Proceedings for issuing bonds under sections 475.51 to 475.74 shall be initiated by a resolution of the governing body of the municipality stating the amount proposed to be borrowed and the purpose for which the debt is to be incurred. Such resolution may provide for the submission of the question […]
475.58 OBLIGATIONS; ELECTIONS TO DETERMINE ISSUE. Subdivision 1. Approval by electors; exceptions. Obligations authorized by law or charter may be issued by any municipality upon obtaining the approval of a majority of the electors voting on the question of issuing the obligations, but an election shall not be required to authorize obligations issued: (1) to […]
475.59 MANNER OF SUBMISSION; NOTICE. Subdivision 1. Generally; notice. When the governing body of a municipality resolves to issue bonds for any purpose requiring the approval of the electors, it shall provide for submission of the proposition of their issuance at a general or special election or town or school district meeting. Notice of such […]
475.60 SALE OF BONDS. Subdivision 1. Advertisement. All obligations shall be negotiated and sold by the governing body, except when authority therefor is delegated by the governing body or by the charter of the municipality to a board, department, or officers of the municipality. Except as provided in subdivision 2 all obligations shall be sold […]
475.61 TAX LEVIES. Subdivision 1. Debt service resolution. The governing body of any municipality issuing general obligations shall, prior to delivery of the obligations, levy by resolution a direct general ad valorem tax upon all taxable property in the municipality to be spread upon the tax rolls for each year of the term of the […]
475.62 REGISTER. Each county auditor shall keep a register in which shall be entered, as to each issue of such obligations by any municipality located, in whole or in part, in the county, a record of the aggregate amount authorized, the aggregate amount issued, the purpose for which issued, the number, denomination, date, and maturity […]
475.63 CERTIFICATE AS TO REGISTRATION. Before any obligations payable in whole or in part from taxes shall be delivered to the purchaser, the municipality shall obtain and deliver to the purchaser a certificate of the county auditor that the issue has been entered on the register. If a tax levy is required by law, such […]
475.64 LEVY BY AUDITOR. In the event no method of levying a tax for the payment of the indebtedness of any municipality and the interest thereon is provided, or the municipal authorities fail to cause such levy to be made, the county auditor shall add to the other taxes charged upon the property taxable in […]
