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7O
<br />
<br />.. commission upon
<br />he effective date of
<br />and related benefits
<br />aired existing transit
<br />
<br /> ommission who are
<br /> upletion of acquisi-
<br /> Laws 1978, chapter
<br /> ~, chapter 538 unless
<br /> ly preceding the ac-
<br /> nt control of the ae-
<br /> :ttiVes'. ':' ' :',"
<br />
<br />19 ..
<br />
<br />u, CrS or. .
<br />
<br />.fion of a system, the
<br />Tected public transit
<br />bly comparable em-
<br />.tions for which they
<br />it result in any.wors-
<br />~ent nor any..loss of
<br />; and privileges per-
<br />air and equitable ar-
<br />if the council should
<br />privately owned and
<br />:les or other property
<br />~- operation of. trans-
<br />/ to, the servide pro-
<br />ns and cbndifions of
<br />tents of this chapter,
<br />aid is involved. The
<br />
<br />$? c $84 art 2.~ li
<br />
<br />,OYEES."
<br />~uncil shall 'make th~
<br />t 3, for hn);'emplo~;ee
<br />visibn Of ~e. fonn6r
<br />~tion which is the ex-
<br />' operations and who
<br />other employei' eon-
<br />
<br />71 ML~TROPOLJTAN GOVERNM:EI~. 473.446
<br />
<br /> 473,424 [Repealed, 1977 c 454 s 49]
<br /> 473.425 [Repealed, 1977 c 454 s 49]
<br /> 473.435 [Repealed, 1994 c '628 art 3 s 209] ..
<br />
<br /> 473.436 COUNCIL; BORROWIN. G MONEY.. . .
<br /> Subdivision 1. [Repealed, 18pi.985 c.10 s 123 su~d I] :
<br />
<br /> . Subd. 2. Legal investments. Certificates of indebtedness, bonds, or other obligations
<br /> issued by the council to which tax levies have been pledged pursuant to section 473.446, sub-
<br /> division 1, shall be proper for investment of any funds by any bank, savings bank, savings
<br /> association, credit union, trust company, insurance company or public or municipal corpora-
<br /> tion, and may be pledged by any bank, savings bank, savings association, credit union, or
<br /> trust company as security for the deposit of public moneys. -,
<br /> .. Subd. 3. Tax exempt. Certificates of indebtedness, bonds, or other obligations of the
<br /> council shall be deemed and treated as instrumentalities of a public government agency.
<br /> :.. : Subd. 4. [Repealed, 1Sp1985 e 10 s 123 subd 1]. - ...' ...-. -~ .
<br /> ' 'Subd,. 5. [Repealed, 1Sp1985 e 10 s 123 subd 1]
<br /> Sul~I.'.6. Temporary borrowing. On or after the first da3? of any fiscal year, the council
<br /> may borrow money which may be used or expended by the council for any purpose, includ-
<br /> ing but not limited to current expenses, capital expenditures and the discharge of any obliga;
<br /> fion or indebtedness of the'council. The indebtedness must be represented by a note or notes
<br /> wl-deh may be issued from time to time in any denomination and sold at public or private sale
<br /> pursuant to a resolution authorizing the issuance, The resolution must set forth the form and
<br /> manner of execution of th6 notes and shall contain other terms and conditions the council
<br /> deems necessary or desirable to provide security for the holders of the notes. The note or
<br /> notes are payable from committed or appropriated money from taxes, grants or loans of the
<br /> state or federal government made to the council, or other revenues of the council, and the
<br /> money may be pledged to the payment of the notes. The council is authorized to pledge to the
<br /> payment of the note or notes taxes levied by it under section 473.446, subdivision I, clause
<br /> (a), and if taxes are so pledged the council shall transfer mounts received from the levy to the
<br /> council for payment of the note or notes. To the extent the notes are not paid from the grant or
<br /> loan money pledged for the payment thereof, the principal and interest of the notes must be
<br /> paid from any taxes received by the council and any income and revenue received by or ac-
<br /> crued to the council during the fiscal year in which the note or notes were issued, or other
<br /> money of the council lawfulIy available therefor.
<br /> Sub& 7. [Repealed, 1994 e 628 art 3 s 209]
<br />· History: 1979 c 46 s I; 1980 c.5162 s J; I983 c 213 s 2~; 198o* c 293 s 105; 1983 c
<br /> 344 s 25; 1984 ¢ 654 art $ $132,133; 1Sp1985 c 10 $111; 1994 c 628 art 3 $132-134;
<br />
<br /> 473.438 [Repealed, isp1985 e 10 s' 123 subd I] ' :' '""" : ' : ......
<br />
<br /> 473.445 Subdivision 1. MS 1992 [Repealed, 1994 c 628 art 3 s 209] · -'
<br /> ' ' Subd. 2. MS 1975 [Repealed, 1977 c 454 s 49] -' ' '
<br /> Subd, 3. MS 1992 [Repealed~ !.994 0.~2.8 art 3 s 20~.1 .'. :.. :'." '
<br />
<br />and the ~.eetetaty of sta~. Copies must abc be subrrdtt,d to the legislalure by Noveml:~' 1S of each eve. n--numl:~v.d year and dlsu'tb-
<br />uted annually to th~ governs, to each member oftl~ leglstature ur,~,r ~-tlon :3.1 ?$, to each county, ar, d to each elected chief execu.
<br />
<br /> Subdivision I. Within transit taxing dlstrlet. For ~he purposes of Sections 473.405 to
<br />473.449 and the metropolitan transit system, except as otherwise provided in this subdivi-
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