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'Mirmesota Statutes 2001, 410.32 <br /> <br /> Minnesota Statutes 2001, Table o'f Chapters <br /> <br />Page 1 of 1 <br /> <br /> 410.32 Cities authorized to issue capital notes for <br />certain equipment acquisitions. <br /> <br /> Notwithstanding any contrary provision of other law or <br />charter, a home rule charter city may, by resolution and without <br />public referendum, issue capital notes subject to the city debt <br />limit to purchase public safety equipment, ambulance and other <br />medical equipment, road construction and maintenance equipment, <br />and other capital equipment having an expected useful life at <br />least as long as the term of the notes. The notes shall be <br />payable in not more than five years and be issued on terms and <br />in the manner the city determines. The total principal amount <br />of the capital notes issued in a fiscal year shall not exceed <br />0.03 percent of the market value of taxable property in the city <br />for that year. A tax levy shall be made for the payment of the <br />principal and interest on the notes, in accordance with section <br />475.61, as in the case of bonds. Notes issued under this <br />section shall require an affirmative vote of two-thirds of the <br />governing body of the city. Notwithstanding a contrary <br />provision of other law or charter, a home rule charter city may <br />also issue capital notes subject to its debt limit in the manner <br />and subject to the limitations applicable to statutory cities <br />pursuant to section 412.301. <br /> <br /> HIST: 1983 c 361 s 1; 1988 c 702 s 2; 1988 c 719 art 5 s 84; <br />1989 c 1 s 4; 1990 c 612 s 15 <br /> <br />Copyright 2001 by the Office of Revisor of Statutes, State of Minnesota. <br /> <br />http ://www.revisor. 1 eg. state.mn, us~stats~410/32.html 1/7/02 <br /> <br /> <br />