Subd. 3.

Amount.

The total amount of the collateral computed at its market value
shall be at least ten percent more than the amount on deposit deleted text begin plus accrued interestdeleted text end at
the close of the financial institution's banking day, except that where the collateral is
irrevocable standby letters of credit issued by Federal Home Loan Banks, the amount of
collateral shall be at least equal to the amount on deposit deleted text begin plus accrued interestdeleted text end at the close
of the financial institution's banking day. The financial institution may furnish both a
surety bond and collateral aggregating the required amount.

Subdivision 1.

Market value.

new text begin (a) new text end For local governmental subdivisions other than
school districts, any levydeleted text begin , including the issuance of debt obligations payable in whole or in
part from property taxes,deleted text end required to be approved and approved by the voters at a general
or special election for taxes payable in 1993 and thereafter, shall be levied against the
referendum market value of all taxable property within the governmental subdivision, as
defined in section 126C.01, subdivision 3. Any levy amount subject to the requirements of
this section shall be certified separately to the county auditor under section 275.07.

new text begin (b) new text end The ballot shall state the maximum amount of the increased levy as a percentage
of market value and the amount that will be raised by the new referendum tax rate in the
first year it is to be levied.

new text begin (c) This subdivision does not apply to tax levies for the payment of debt obligations
that are approved by the voters after June 30, 2007.
new text end

Subd. 2.

Time of notice.

Unless otherwise specified by deleted text begin a particular statutedeleted text end new text begin lawnew text end , or
by order of a court, publication of a public notice shall be as follows:

(a) the notice shall be published once;

(b) if the notice is intended to inform the public about a future event, the last
publication shall occur not more than deleted text begin 14deleted text end new text begin 30new text end days and not less than seven days before
the event;

(c) if the notice is intended to inform the public about a past action or event, the last
publication shall occur not more than 45 days after occurrence of the action or event.

Subd. 3.

Capital notes.

(a) A county board may, by resolution and without
referendum, issue capital notes subject to the county debt limit to purchase capital
equipment useful for county purposes that has an expected useful life at least equal to the
term of the notes. The notes shall be payable in not more than ten years and shall be
issued on terms and in a manner the board determines. A tax levy shall be made for
payment of the principal and interest on the notes, in accordance with section 475.61,
as in the case of bonds.

(b) For purposes of this subdivision, "capital equipment" means:

(1) public safety, ambulance, road construction or maintenance, and medical
equipment; and

(2) computer hardware and software, whether bundled with machinery or equipment
or unbundled. deleted text begin The authority to issue capital notes for software expires on July 1, 2007.
deleted text end

Subd. 4.

Limitations on amount.

A countydeleted text begin , other than Ramsey,deleted text end may not issue
bonds under this section if the maximum amount of principal and interest to become due in
any year on all the outstanding bonds issued pursuant to this section (including the bonds
to be issued) will equal or exceed deleted text begin 0.05367deleted text end new text begin 0.12new text end percent of taxable market value of property
in the county. deleted text begin Ramsey county may not issue bonds under this section if the maximum
amount of principal and interest to become due in any year on all the outstanding bonds
issued pursuant to this section (including the bonds to be issued) will equal or exceed
0.06455 percent of taxable market value of property in the county.deleted text end Calculation of the
limit must be made using the taxable market value for the taxes payable year in which
the obligations are issued and sold. This section does not limit the authority to issue
bonds under any other special or general law.

Subd. 2.

Equipment acquisition; capital notes.

The board may, by resolution and
without public referendum, issue capital notes within existing debt limits for the purpose
of purchasing ambulance and other medical equipment, road construction or maintenance
equipment, public safety equipment and other capital equipment having an expected
useful life at least equal to the term of the notes issued. The notes shall be payable in
not more than deleted text begin fivedeleted text end new text begin tennew text end years and shall be issued on terms and in a manner as the board
determines. The total principal amount of the notes issued for any fiscal year shall not
exceed one percent of the total annual budget for that year and shall be issued solely for
the purchases authorized in this subdivision. A tax levy shall be made for the payment
of the principal and interest on such notes as in the case of bonds. new text begin For purposes of this
subdivision, "equipment" includes computer hardware and software, whether bundled with
machinery or equipment or unbundled. new text end For purposes of this subdivision, the term "medical
equipment" includes computer hardware and software and other intellectual property for
use in medical diagnosis, medical procedures, research, record keeping, billing, and other
hospital applications, together with application development services and training related
to the use of the computer hardware and software and other intellectual property, all
without regard to their useful life. For purposes of determining the amount of capital notes
which the county may issue in any year, the budget of the county and Hennepin Healthcare
System, Inc. shall be combined and the notes issuable under this subdivision shall be in
addition to obligations issuable under section 373.01, subdivision 3.

Subdivision 1.

Creation.

The Hennepin County Housing and Redevelopment
Authority is created in the county of Hennepin. It shall have all of the powers and duties
of a housing and redevelopment authority under sections 469.001 to 469.047. For the
purposes of applying the municipal housing and redevelopment act to Hennepin County,
the county has all of the powers and duties of a city, the county board has all the powers
and duties of a governing body, the chair of the county board has all of the powers and
duties of a mayor, andnew text begin , notwithstanding section 469.008,new text end the area of operation includes the
area within the territorial boundaries of the county.

Subd. 2.

Limitation.

This section does not limit or restrict any existing housing
and redevelopment authority or prevent a municipality from creating an authority. For
purposes of this subdivision, "housing and redevelopment authority" includes any
municipal department, agency, or authority of the city of Minneapolis which exercises the
powers of a housing and redevelopment authority pursuant to section 469.003 or other
law. The county authority shall notify a municipal authority by January 31 of each year
as to the activities the county authority plans to participate in within the municipality.
The municipal authority shall notify the county authority within 45 days of the date of
the notice from the county authority, if the municipal authority does not consent to the
activities of the county authority. deleted text begin The county authority shall not exercise its powers in a
municipality where a housing and redevelopment authority was created under Minnesota
Statutes 1969, chapter 462, before June 8, 1971, except as provided in this subdivision.deleted text end If a
city housing and redevelopment authority requests the county housing and redevelopment
authority to exercise any power or perform any function of the municipal authority, the
county authority may do so.

Subdivision 1.

Ordinance.

The governing body of a city may adopt an ordinance
establishing a special service district. Only property that is classified under section 273.13
and used for new text begin residential, new text end commercial, industrial, or public utility purposes, or is vacant
land zoned or designated on a land use plan for commercial or industrial use and located
in the special service district, may be subject to the charges imposed by the city on the
special service district. Other types of property may be included within the boundaries of
the special service district but are not subject to the levies or charges imposed by the city
on the special service district. If 50 percent or more of the market value of a parcel of
property is classified under section 273.13 as new text begin residential, new text end commercial, industrial, or vacant
land zoned or designated on a land use plan for commercial or industrial use, or public
utility for the current assessment year, then the entire market value of the property is
subject to a service charge based on net tax capacity for purposes of sections 428A.01
to 428A.10. The ordinance shall describe with particularity the area within the city to
be included in the district and the special services to be furnished in the district. The
ordinance may not be adopted until after a public hearing has been held on the question.
Notice of the hearing shall include the time and place of hearing, a map showing the
boundaries of the proposed district, and a statement that all persons owning property in the
proposed district that would be subject to a service charge will be given opportunity to be
heard at the hearing. Within 30 days after adoption of the ordinance under this subdivision,
the governing body shall send a copy of the ordinance to the commissioner of revenue.

Subd. 3.

City.

"City" means a city organized and existing under the laws of
Minnesota or a city charter adopted pursuant thereto, and authorized by such laws or
charter to engage in the local distribution and sale of gas, provided that any city so
engaged on January 1, 1979 is authorized to continue such distribution and sale, and every
city now or hereafter so authorized may exercise, either individually or as a member of a
municipal gas agency, all of the powers granted in sections 453A.01 to 453A.12.

new text begin City also includes a city organized and existing under the laws of another state or
a city charter adopted pursuant thereto which participates in a municipal gas agency
with Minnesota cities.
new text end

Subd. 6.

Certain purposes.

Any municipality may issue bonds for paying
judgments against it; for refunding outstanding bonds; for funding floating indebtedness;new text begin
for funding actuarial liabilities to pay postemployment benefits to employees or officers
after their termination of service;new text end or for funding all or part of the municipality's current
and future unfunded liability for a pension or retirement fund or plan referred to in
section 356.20, subdivision 2, as those liabilities are most recently computed pursuant
to sections 356.215 and 356.216. The board of trustees or directors of a pension fund or
relief association referred to in section 69.77 or chapter 422A must consent and must
be a party to any contract made under this section with respect to the fund held by it
for the benefit of and in trust for its members. new text begin For purposes of this section, the term
"postemployment benefits" means benefits giving rise to a liability under Statement No.
45 of the Governmental Accounting Standards Board.
new text end

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 deleted text begin twodeleted text end new text begin threenew text end percent of the market value of taxable
property in the municipality.

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 pay any unpaid judgment against the municipality;

(2) for refunding obligations;

(3) for an improvement or improvement program, which obligation is payable wholly
or partly from the proceeds of special assessments levied upon property specially benefited
by the improvement or by an improvement within the improvement program, or from tax
increments, as defined in section 469.174, subdivision 25, including obligations which are
the general obligations of the municipality, if the municipality is entitled to reimbursement
in whole or in part from the proceeds of such special assessments or tax increments and
not less than 20 percent of the cost of the improvement or the improvement program is to
be assessed against benefited property or is to be paid from the proceeds of federal grant
funds or a combination thereof, or is estimated to be received from tax increments;

(4) payable wholly from the income of revenue producing conveniences;

(5) under the provisions of a home rule charter which permits the issuance of
obligations of the municipality without election;

(6) under the provisions of a law which permits the issuance of obligations of a
municipality without an election;

(7) to fund pension or retirement fundnew text begin or postemployment benefitnew text end liabilities pursuant
to section 475.52, subdivision 6;

(8) under a capital improvement plan under section 373.40; and

(9) under sections 469.1813 to 469.1815 (property tax abatement authority bonds), if
the proceeds of the bonds are not used for a purpose prohibited under section 469.176,
subdivision 4g, paragraph (b).

Subd. 3b.

Street reconstruction.

(a) A municipality may, without regard to
the election requirement under subdivision 1, issue and sell obligations for street
reconstruction, if the following conditions are met:

(1) the streets are reconstructed under a street reconstruction plan that describes the
deleted text begin streets to be reconstructeddeleted text end new text begin street reconstruction to be financednew text end , the estimated costs, and
any planned reconstruction of other streets in the municipality over the next five years,
and the plan and issuance of the obligations has been approved by a vote of all of the
members of the governing body new text begin present at the meeting new text end following a public hearing for
which notice has been published in the official newspaper at least ten days but not more
than 28 days prior to the hearing; and

(2) if a petition requesting a vote on the issuance is signed by voters equal to
five percent of the votes cast in the last municipal general election and is filed with the
municipal clerk within 30 days of the public hearing, the municipality may issue the bonds
only after obtaining the approval of a majority of the voters voting on the question of
the issuance of the obligations.

(b) Obligations issued under this subdivision are subject to the debt limit of the
municipality and are not excluded from net debt under section 475.51, subdivision 4.

(c) For purposes of this subdivision, street reconstruction includes utility
replacement and relocation and other activities incidental to the street reconstruction, turn
lanes and other improvements having a substantial public safety function, realignments,
other modifications to intersect with state and county roads, and the local share of state
and county road projects.

(d) Except in the case of turn lanes, safety improvements, realignments, intersection
modifications, and the local share of state and county road projects, street reconstruction
does not include the portion of project cost allocable to widening a street or adding curbs
and gutters where none previously existed.