Minnesota § 428A.06 BONDS

Minnesota Statutes

§ 428A.06 — BONDS

Minnesota § 428A.06

PartMUNICIPAL FINANCE, TAXATION, SPECIAL ASSESSMENTS

Ch. 428ASPECIAL SERVICE DISTRICTS; HOUSING IMPROVEMENT AREAS

This text of Minnesota § 428A.06 (BONDS) is published on Counsel Stack Legal Research, covering Minnesota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Minn. Stat. § 428A.06 (2026).

Text

At any time after a contract for the construction of all or part of an improvement authorized under sections428A.01to428A.10has been entered into or the work has been ordered done by day labor, the governing body of the city may issue obligations in the amount it deems necessary to defray in whole or in part the expense incurred and estimated to be incurred in making the improvement, including every item of cost from inception to completion and all fees and expenses incurred in connection with the improvement or the financing. The obligations are payable primarily out of the proceeds of the service charge based on net tax capacity imposed under section428A.03, or from any other special assessments or nontax revenues available to be pledged for their payment under charter or statutory autho

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At any time after a contract for the construction of all or part of an improvement authorized under sections428A.01to428A.10has been entered into or the work has been ordered done by day labor, the governing body of the city may issue obligations in the amount it deems necessary to defray in whole or in part the expense incurred and estimated to be incurred in making the improvement, including every item of cost from inception to completion and all fees and expenses incurred in connection with the improvement or the financing. The obligations are payable primarily out of the proceeds of the service charge based on net tax capacity imposed under section428A.03, or from any other special assessments or nontax revenues available to be pledged for their payment under charter or statutory authority, or from two or more of those sources. The governing body may, by resolution adopted prior to the sale of obligations, pledge the full faith, credit, and taxing power of the city to assure payment of the principal and interest if the proceeds of the service charge in the district are insufficient to pay the principal and interest. The obligations must be issued in accordance with chapter 475, except that an election is not required, and the amount of the obligations need not be included in determining the net debt of the city under the provisions of any law or charter limiting debt.