Minnesota § 458.36 BONDS FOR QUARRIES AND DOCKS

Minnesota Statutes

§ 458.36 — BONDS FOR QUARRIES AND DOCKS

Minnesota § 458.36

PartLOCAL PUBLIC UTILITIES, ENTERPRISES

Ch. 458WATER TRANSPORTATION FACILITIES

This text of Minnesota § 458.36 (BONDS FOR QUARRIES AND DOCKS) 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. § 458.36 (2026).

Text

Subdivision 1.Power; details.
The council of a city of the first class, for a purpose in sections458.36to458.40, may issue from time to time as needed negotiable bonds of the city to a total amount of not more than $500,000. The council shall decide what denominations, place, and time of payment are best for the bonds. The bonds must be paid within ten years of their issue date. The bonds must be serial in form. One-tenth must be retired each year after issue. They must bear interest of not more than six percent per year payable semiannually, with interest coupons attached, payable at the place named on them. The city council may also negotiate and sell the bonds from time to time to the highest bidder on the best terms that can be obtained for the bonds.

Subd. 2.Par.
The bonds must not 

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Subdivision 1.Power; details.
The council of a city of the first class, for a purpose in sections458.36to458.40, may issue from time to time as needed negotiable bonds of the city to a total amount of not more than $500,000. The council shall decide what denominations, place, and time of payment are best for the bonds. The bonds must be paid within ten years of their issue date. The bonds must be serial in form. One-tenth must be retired each year after issue. They must bear interest of not more than six percent per year payable semiannually, with interest coupons attached, payable at the place named on them. The city council may also negotiate and sell the bonds from time to time to the highest bidder on the best terms that can be obtained for the bonds.

Subd. 2.Par.
The bonds must not be sold for less than their par value plus accrued interest on them.

Subd. 3.Charter prevails.
Sections458.36to458.40do not supersede a city charter provision for a voter's referendum on ordinances passed by the council. The sections also do not supersede a city charter provision making the action of the council subject to approval of a board of estimate and taxation or fixing a particular method to authorize bonds.