2005 Minnesota Statutes - 473.132 — Short-term indebtedness.

     473.132 Short-term indebtedness. 


    The council may issue certificates of indebtedness or 
 capital notes to purchase equipment to be owned and used by the 
 council and having an expected useful life of at least as long 
 as the terms of the certificates or notes.  The certificates or 
 notes shall be payable in not more than five years and shall be 
 issued on such terms and in such manner as the council may 
 determine, and for this purpose the council may secure payment 
 of the certificates or notes by resolution or by trust indenture 
 entered into by the council with a corporate trustee within or 
 outside the state, and by a mortgage in the equipment financed.  
 The total principal amount of the notes or certificates issued 
 in a fiscal year should not exceed one-half of one percent of 
 the tax capacity of the metropolitan area for that year.  The 
 full faith and credit of the council shall be pledged to the 
 payment of the certificates or notes, and a tax levy shall be 
 made for the payment of the principal and interest on the 
 certificates or notes, in accordance with section 475.61, as in 
 the case of bonds issued by a municipality.  The tax levy 
 authorized by this section must be deducted from the amount of 
 taxes the council is otherwise authorized to levy under section 
 473.249. 


    HIST: 1989 c 355 s 12