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<br />TlU;ST <br />,~ <br />PecBLle <br />LAND <br />jllff",,~~ RAMSEY CITY, MINNESOTA <br /> <br />Feasibility Study <br /> <br />. Bonds issued under a charter provision or statute that permits the issuance without <br />an election <br /> <br />. Bonds issued for indoor ice arenas for youth athletic activities, with certain <br />restrictions <br /> <br />. Bonds issued for a capital improvement program, subject to a reverse referendum <br /> <br />The effect of these exceptions is that, in most cases, only general obligation bonds (payable <br />solely from ad valorem property taxes) must be approved by the voters.28 <br /> <br />Cities may issue some debt without a public vote for projects that are included in the capital <br />improvement plan. A municipality may not issue ClP bonds if the maximum amount of <br />principal and interest to become due in any year on all the outstanding ClP bonds issued, <br />including the bonds to be issued, will equal or exceed 0.16 percent of the taxable market <br />value of property in the municipality (or $3.4 million in Ramsey). Calculation of the limit <br />must be made using the taxable market value for the taxes payable in the year in which the <br />obligations are issued and sold.29 <br /> <br />Bonds issued by a municipality to finance capital improvements under an approved capital <br />improvements plan are not subject to regular G.O. bond election requirements. ClP bonds <br />must be approved by an affirmative vote of at least two-thirds of the city council. Before the <br />issuance of bonds, the city must publish a notice of its intentions along with the date and <br />time of the hearing to obtain public comment on the matter. The notice must be published <br />14 but not more than 28 days before the date of the hearing in the official newspaper of the <br />municipality or in a newspaper of general circulation in the municipality. A municipality <br />may also issue elP bonds if a petition requesting a vote on the issuance is signed by <br />5 percent of the voters registered in the last general election and is filed with the <br />clerk within 30 days after the public hearing. Once the petition is approved a <br />question must be approved by a majority of voters voting on the question of issuing <br />the obligations.30 <br /> <br />Debt in Ramsey City <br /> <br />The city's long-term debt and level of annual debt service are governed by state legislation <br />and by city council. State law establishes maximum debt limits as described above. <br /> <br />28 League of Minnesota Cities, 2007 Handbook - Chapter 24- IV-C- Voter approval, Minn Stat. 475.58 <br />29 Minn. Stat. 475.521 <br />30 IBID <br /> <br />17 <br />