458A.33 GENERAL OBLIGATION BONDS.
    Subdivision 1. Purposes. In addition to the powers contained in section 458A.32, the city
upon request of the authority shall have the power to issue general obligation bonds for any
of the following purposes:
(1) to purchase, construct, or equip terminal facilities, maintenance and garage facilities,
ramps, parking areas, or similar facilities used or useful in connection with a public transit system
or part thereof;
(2) to acquire, improve, extend, or reconstruct any public transit system presently operated in
the city of Duluth, or any part thereof;
(3) to acquire any property or equipment useful for the construction, reconstruction,
extension, improvement, or operation of any public transit system presently operated in the
city of Duluth, or any part thereof;
(4) to construct and improve a new public transit system for the city of Duluth other than
a presently existing transit system, and in connection therewith may exercise all the powers
provided for in this section.
    Subd. 2. Up to $1,400,000. Obligation bonds under this section shall be issued in such
amounts, but in no event to exceed the sum of $1,400,000, at such times and in such series as the
authority shall determine by resolution, subject to approval and ratification by the city council
of the city of Duluth, evidenced by ordinance. Except as otherwise provided by this section, the
maturities, any right of prior redemption, execution, paying agency, provision for interest, or other
terms of the bonds, shall be subject to the provisions of sections 475.54 to 475.56.
    Subd. 3. City debt. General obligation bonds issued under this section shall constitute
a debt of the city of Duluth for which the full faith and credit of the city shall be pledged; and
a tax levy shall be compelled for their payment in the manner required by chapter 475; and
they shall so recite.
History: 1969 c 720 s 13