2005 Minnesota Statutes - 441.52 — Bonds sold notwithstanding limitations.

     441.52 Bonds sold notwithstanding limitations.  


    The bonds authorized by sections 441.47 to 441.55 may be 
 issued and sold by any such city in accordance with the terms of 
 the ordinance adopted therefor, notwithstanding any limitation 
 contained in the charter of the city or in any law of the state 
 prescribing or fixing any limit upon the bonded indebtedness of 
 any such city, and such bonds shall not create or constitute an 
 indebtedness of any such city within the meaning of any 
 constitutional, statutory, or charter limitation upon the 
 incurring of indebtedness, but such bonds shall be payable only 
 from the net income and revenues of any such bridges pledged to 
 the payment thereof after payment of the actual operating 
 expenses and actual cost of maintenance and repair of any such 
 bridges under economical management, and while any of the bonds 
 are outstanding, such net income and revenues shall be used 
 solely for the payment of the principal of and interest on the 
 bonds, and the bonds and the interest thereon shall constitute a 
 first and prior lien on and against such net income and revenues 
 and on and against all funds, from whatever source, paid into or 
 set apart for the sinking fund hereinabove designated.  


    HIST: 1941 c 286 s 6; 1973 c 123 art 5 s 7