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<br /> council shall offer for sale in advance of their maturity but the indebtedness funded by a~
<br /> i~ue of temporary improvement bonds shall not be extended by the issue of addltlon'al
<br /> 'temporary improvement bonds for more than six years from the date of the first
<br /> The holdcpa of any temporary improvement bonds shall have and may enforce, byi
<br /> . mandamus or other appropriate proceedings, all rights respecting the levy and collection~of
<br /> sufficient special assessments and taxes to pay the cost of the improvements financed
<br /> them which arc granted by law to holders of .improvement bonds, except the right
<br /> require the levies to be collected prior to the. maturity of the temPOrary imp
<br /> bonds. If any te.mporary improvement bonds are not paid in fuji at maturity, the
<br /> may require the issuance in exchange for them, at par, of new temporary imF
<br /> bonds maturing within, one year from their date of issue (but not subject to any
<br /> maturity ]imitation),-and bearing interest at the maximum~ rate-permitted b~
<br /> Subd. 6. Investment of other municipal funds. 'Funds of ;a rhunicipality-~ay
<br /> invested in its temporary improvement bonds in accordance with the provisions of
<br /> 471.56, and may be purchased upon their initial i~ue, but shall be purchased only
<br /> funds which the council determines will not be required for other purposes before th~
<br /> maturity date, and. shall be resold before maturity only. in case of emergency..
<br /> purebred from a debt service fund securing other bonds, the holders of those bonds'
<br /> i enforce the municipality's obligations on the temporary imprbvement bonds in the Same
<br /> manner as if they held the temporary improvement bond~
<br /> Subd. 7. General obligation temporary improvement bonds. The council may'
<br /> any temporary improvement'bonds pledge the
<br /> resolution adoptc~t prior to the sale bf
<br /> faith, credit, and taxing POwer of the municipality for the payment of the 'principaFand ~
<br /> interest, in addition to all provisions made for their sec.urity in subdivision 5. In this. '~!
<br /> the bonds shall bo de.qignated as general obligation temporary improvemefit bonds, and the(
<br /> council shall levy talcs for their payment in accordance with section 475.61. Proceeds'
<br /> improvement bends or temporary improvement b~nds not yet sold may be
<br /> pledged revenues, in reduction of the tax otherwise required b~ section 475.61 to be
<br /> prior to delivery of thc obligations. ~ .... :~': .... "
<br /> Laws 1953, e~ 398, § 9.' Amended by Laws 1955, e. 811, §§ I] to 5; Law~ 1957,'e. 385, § '1;' La~'~
<br /> c. 877, § 5; Laws 1976, c. 324, §§ 19 to 21; Laws 1981,-c. 171, §§ I to-4, elf. May 12,'-1981'~'~
<br /> 19fi5 Ame~menL. ~. Increa~ the maturity of tions O4 assessments and ad valorem levies for'
<br /> totemp°rarY"three' years..b°nds specified in sub(L 3 from ~two". councilmunicipalitY'Smay in shareits dLsc'retion°f the cost;issue andeXcePtsellthattempo- ;the~i'!!~
<br /> 1976 Amendmen[ Revised xubd~. I, 21, and 4 m~ improvement bonds at any time ixior.to'
<br /> ~ maturing
<br /> which formerly provided: completion rff the work to be financed,
<br /> ' date:
<br /> "Subdivision 1. Expense O4 iinprovement, ob-' within not more than three years from their
<br /> ligntlons issuecL At any time after a contrac~ lot of ixsue, in which event the munidpality shall
<br /> . there-- .i
<br />· == the construction of all or part of a~ improvement obligated to pay such bonds and the interest
<br /> 'I improvement q ~
<br /> has been entered into or the work has been or .... on out of the proceeds of definitive
<br /> &red done wlthoul a contract a~ authorized ia bonds which the council shall issue and sell at bt:
<br /> ~ction 429.041, the council may issue obligations' pri6r to the maturity of the temporary bonds, ,to.i-~
<br /> ~ in such amount as it deems neceSSary to defray in the extent that the same cannot be paid out cfi th~ .'
<br /> 3 I whole or in part the expense incurred and estimat: a~,~msments and taxes theretot'ore collected, Or'ouft.
<br /> ed to be incurred in making an improvement, of any other municipal funds q, hich are prol~l~'.~.~
<br /> including every item of cost from inceplJon to available and are appropriated by the council for)~
<br /> completion and all fees and experzse~ incurred in such purpose.: The holders o4 such
<br /> temporary i.
<br /> connection with the improvement or the financing bofidx, and the taxpayers of the municipality, shall;:
<br />~" thereof. More than one improvement may be have and may enforce,-by mandamus or other:
<br />i· financed by a single [.~sue of obligations without apF,ropriate ~oceedlng;s, all rights respecting the.'
<br />-~ levy and collection O4 sufficient a.s.~xsme~ and ~'
<br />i other consolidation o! the proceedinga.
<br /> · '~Subdivision 3. Method of Issuance. "All ob~ . taxes' to pay the eo~t o~ the improvements' ii-
<br /> . ~ llgation~ shall be lxsued in accordance with the nanced thereby which are grained by law m holeb~.-
<br /> ~I that an clectiow.%., ers of other improvewoent bond_x, excep( tl~ fight; .~
<br /> provisions of chapter 475, ezcept
<br /> shall be required for bond~ if lexs ti-mn 20 percent: , to requite such leviea to be collected pticz' to the,
<br /> O4 the cost of the improvemem to the municipality~ .maturity of the temporary bond& and ahall have
<br /> ~ i~ to be m~.~e:x-~! ag;aiw~t b~nefi~ed property, The' ~ the additional fit~,ht to require the offering of Xald. ~
<br /> I· ' defin[tiVebonds I~'cifnt~43vernen'not ~b~n soldb°nd~and fOrdeliveredSale or,pr~orlf 'uch'~' ~i
<br /> ! mamritlcs shall be 3uch ~ in the opinion o~ Ihe ,. ;.
<br /> council are warranted by the &nticlpaled collec-
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