Title Minnesota Statutes, Minnesota Statutes

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, mo…

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…

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…

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 s…

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, leg…

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…

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 con…

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 …

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…

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 obligatio…

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 s…

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…

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 sprea…

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 wh…

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…

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 u…

475.65 DELIVERY OF BONDS; USE OF PROCEEDS. Upon payment to the treasurer of the purchase price by the successful bidder, the obligations shall be delivered, and the treasurer shall account for the receipt and disbursement of the proceeds thereof for the use named in the resolutio…

475.67 REFUNDING BONDS, OTHER OBLIGATIONS; VALIDITY; PROCEDURE. § Subdivision 1.Resolution conclusive as to validity. No purchaser or owner of bonds or other obligations issued by a municipality for the purpose of refunding its outstanding obligations or floating indebtedness nee…

475.68 JOINT LIABILITY OF TOWN AND STATUTORY CITY. In the event a town and a statutory city are jointly liable for the payment of any bonded indebtedness or in the event all the property within any town or statutory city is liable to be taxed for the payment of any such indebtedn…

475.69 DEFACED BONDS; DUPLICATES. When any obligation of a municipality becomes unfit for circulation, it may be surrendered and canceled. Upon the authorization of the governing body, a duplicate of the obligation except as to signatures and a duplicate of any unpaid coupons, ma…

475.70 LOST INSTRUMENTS; INDEMNITY. If the owner of any obligation which is destroyed or lost, first gives a satisfactory surety bond to the municipality, in a sum double the amount of such obligation, conditioned to save it harmless in the premises, the governing body thereof ma…

475.72 VIOLATIONS AND PENALTIES. Any officer of any municipality who knowingly fails to comply with any provision of Laws 1949, chapter 682 is guilty of a misdemeanor. History: (1938-12) 1927 c 131 s 10; 1949 c 682 s 22

475.73 STATE BOARD OF INVESTMENT. § Subdivision 1.May purchase these bonds; conditions. Obligations sold under the provisions of section 475.60 may be purchased by the State Board of Investment if the obligations meet the requirements of section 11A.24, subdivision 2, upon the ap…

475.74 LAW LIMITING TAXES NOT APPLICABLE. The provisions of any law limiting taxes shall not limit the power of any city of the first or second class or any independent school district in any city of the first class, or any special school district in a city of the second class ha…

475.753 MUNICIPALITIES ARE SUBJECT TO THIS CHAPTER. All municipalities are subject to the provisions of this chapter in the issuance of obligations and may incur indebtedness to the extent of but not in excess of the debt limit in said chapter notwithstanding any home rule charte…

475.754 DISASTER, PUBLIC EMERGENCY; CERTIFICATES OF INDEBTEDNESS. If in any fiscal year the receipts from taxes or other sources are insufficient to meet the expenses incurred or to be incurred in said year by any city however organized, county or town by reason of any natural di…

475.755 EMERGENCY DEBT CERTIFICATES. (a) If at any time during a fiscal year the receipts of a local government are reasonably expected to be reduced below the amount provided in the local government's budget when the final property tax levy to be collected during the fiscal year…

475.77 WHEN BOND ALLOCATION ACT APPLIES. Sections 474A.01 to 474A.21 apply to any issuance of obligations which are subject to limitation under a federal tax law as defined in section 474A.02, subdivision 8. History: 1984 c 582 s 21,23; 1Sp1985 c 14 art 8 s 63; 1986 c 465 art 1 s…

475.78 PERFECTION OF PLEDGE; SECURITY INTERESTS. Neither filing nor possession is required to perfect the security interest created by any pledge or appropriation of revenues or funds of the municipality, including any of its investments, to the payment of bonds issued by the mun…

475.79 POWERS AVAILABLE TO OTHER POLITICAL SUBDIVISIONS. Any powers granted to a municipality under this chapter, other than the power to issue general obligation bonds and levy taxes, may be exercised by any other governmental unit. This grant of authority does not limit the pow…

475.80 ATTACHED, ANNEXED, COMBINED, CONSOLIDATED, INCORPORATED. When all or a part of a municipality is attached, annexed, combined, consolidated, or incorporated into another municipality, the full faith and credit of the surviving or new municipality must secure any general obl…