282.261 TERMS OF REPURCHASE.
    Subdivision 1. Payments; taxes. A person repurchasing under section 282.241 shall pay at
the time of repurchase not less than one-tenth of the repurchase price and shall pay the balance
in ten equal annual installments, with the privilege of paying the unpaid balance in full at any
time, with interest as provided in subdivision 2, the first installment of principal and interest to
become due and payable on December 31 of the year following the year in which the repurchase
was made, the remaining installments to become due and payable on December 31 of each year
thereafter until fully paid. The person shall pay the current taxes each year thereafter before they
become delinquent up to the time the repurchase price has been paid in full.
    Subd. 2. Interest rate. The unpaid balance on any repurchase contract approved by the
county board on or after July 1, 1982, is subject to interest at the rate determined pursuant to
section 549.09. Repurchase contracts approved after December 31, 1990, are subject to interest at
the rate determined in section 279.03, subdivision 1a. The interest rate is subject to change each
year on the unpaid balance in the manner provided for rate changes in section 549.09 or 279.03,
subdivision 1a , whichever is applicable. Interest on the unpaid contract balance on repurchases
approved before July 1, 1982, is payable at the rate applicable to the repurchase contract at the
time that it was approved.
    Subd. 3. Alternative treatment of nonhomestead property. A county board of
commissioners may by resolution provide that the installment arrangement in subdivision 1 is not
applicable to nonhomestead property and that this subdivision applies instead. If the resolution is
approved, the minimum downpayment shall be 20 percent of the repurchase price and the balance
shall be payable in four equal annual installments. A resolution shall remain in force for at least
one year after approval and shall be applied uniformly to all nonhomestead property in the county.
"Nonhomestead property" means all property except that which is classified for property tax
purposes as homestead property at the time that the repurchase application is approved.
    Subd. 4. Service fee. The county auditor may collect a service fee to cover administrative
costs as set by the county board for each repurchase application received after July 1, 1985. The
fee must be paid at the time of application and must be credited to the county general revenue fund.
    Subd. 5. County may impose conditions of repurchase. The county auditor, after receiving
county board approval, may impose conditions on repurchase of tax-forfeited lands limiting
the use of the parcel subject to the repurchase, including, but not limited to, environmental
remediation action plan restrictions or covenants, or easements for lines or equipment for
telephone, telegraph, electric power, or telecommunications.
History: 1945 c 296 s 3; 1980 c 437 s 17; 1982 c 523 art 39 s 9; 1Sp1985 c 14 art 20 s 16;
1986 c 444; 1990 c 480 art 8 s 16; 1999 c 243 art 13 s 16,17