Minnesota Legislature
Office of the Revisor of Statutes
2006 Minnesota Statutes
This is an historical version of this statute chapter. Also view the most recent published version.
428A.06 BONDS.
At any time after a contract for the construction of all or part of an improvement authorized
under sections 428A.01 to 428A.10 has 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 section 428A.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.
History: 1988 c 719 art 5 s 84; art 14 s 6; 1989 c 329 art 13 s 20
At any time after a contract for the construction of all or part of an improvement authorized
under sections 428A.01 to 428A.10 has 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 section 428A.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.
History: 1988 c 719 art 5 s 84; art 14 s 6; 1989 c 329 art 13 s 20
Official Publication of the State of Minnesota
Revisor of Statutes