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7O
<br />
<br />: commission upon
<br />he effective date of
<br />and related benefits
<br />fired existing transit
<br />
<br /> )mmission who are
<br /> npletion of acquisi-
<br /> Laws 1978, chapter
<br /> , chapter 538 unless
<br /> [y preceding the ac-
<br /> nt control of the ae-
<br /> atives'. .... :',"
<br /> c558S 7; 1986c::
<br /> 19
<br />
<br /> .1ACTS OF.TRAN-
<br />,r an~ pm thereOf, ~r
<br />trion of a system, the
<br />fleeted public transit
<br />tbly comparable em-
<br />otions for which, they
<br />ut result in any. wors-
<br />nent nor any..loss of
<br />.s and privileges per-
<br />fair and equitable ar-
<br />if the council should
<br />privately owned and
<br />ties or other property
<br />~e operation of. trans-
<br />'y to, the servide pro-
<br />ms and conditions of
<br />merits of this chapter,
<br />aid is involved. The
<br />
<br />~87 c 384 art 2. s 1;
<br />
<br />:0uncil shal1 'make the
<br />n 3, for hn);'emplo~;oe
<br />ivisi6n of the former
<br />ation which is the ex-
<br />it operations and who
<br />other empl0Ye~' con-
<br />
<br />/0
<br />
<br />71 MErROPOI.ITAN GOVERNMENT 473.446
<br />
<br /> 473.424 [Repealed, 1977 c 454 s 49]
<br />
<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 473.425 [Repealed, 1977 c 454 s 49]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 473.435 [Repealed, 1994 c 628 art 3 s 209] ·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; BORROWING MONEY. ,. .
<br /> Subdivision I. [Repealed, 1Sp!985 c.10 s 123 subd 1]
<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. · , ...f
<br /> . Subd. 3. Tax exempt. Certificates of indebtedness, bonds, or other obligations of the
<br /> council shall be deemed and treated as ins~rnentalities of a public government agency..,
<br /> :. : Subd. 4 [Repealed, 1Sp1985 e I0 s 123 sum 1].' , · .. · -~
<br /> 'Subd..5. [Repealed, 1Sp1985 e 10 s 123 subd 1] ;' '.:
<br /> Subj.'6. Temporary borrowing, On or after the first da)} 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 /> which 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 1, clause
<br /> (a), and if taxes are so pledged the council shall transfer amounts 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 /> creed to the council during the fiscal year in which the note or notes were issued, or other
<br /> money of the council lawfully available therefor. SuM. 7. [Repealed, 1994 ¢ 628 art 3 s 209]
<br /> History: 1979 c 46 s 1; 1980 c.462 s ~; 1983 c 213 · 2i; 1983 c 293 s 105; 1983 c
<br />344 ~ 25; 1984 c 654 art $ s 132,133; 1Sp1985 c I0 ~ 111; 1994 c 628 art 3 s 132-134;
<br />
<br />473,438 [Repealed, JSp1985 c 10s' 123 subd 1] ...... '" :'" ,
<br />
<br />473.445 Subdivision 1. MS 1992 [Repealed, 1994 c 628 art 3 s 209] ' '
<br /> Subd. 2. MS 1975 [Repealed: 1977 e 454 s 49] .'
<br /> Subd. 3. MS 1992 [Repealed, 1994 c ~28 art 3 s 209] .' ' '
<br />
<br /> i~Sulxt. 3. Each report must bc fd~ with tho secretary of thc commission and, COlby must be fil~d with Ib~ boml. Ih~ council,
<br />ami ih, s,~:~t~ of sta~. Copies must also be submittal to thc legislature by Novcmb~4' I$ ot'~ even-numbered year and
<br />uu~d annually to the ltOVCrnor, to e.a~h member of tbe legislature under s~ction 3. l!IS, to each county, and to each elected chief cxecu.
<br />
<br /> Subdivision I. Within transit taxing district. FOr ~he purposes of SectiOns 473.405 to
<br />473.449 and the metropolitan transit system, except as otherwise provided in this subdivi-
<br />
<br />
<br />
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