Agenda - Council - 10/25/2016 - Laserfiche WebLink

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15 MINNESOTA STATUTES 2016 429.091 objections to the assessment shall be deemed waived unless presented on such appeal.This section provides the exclusive method of appeal from a special assessment levied pursuant to this chapter. History: 1953 c 398 s 8; 1961 c 525 s 9; 1978 c 749 s 2; 1980 c 607 art 11 s 3; 1 Sp1986 c 3 art I s 82 429.09 [Repealed, 1953 c 398 s 13] 429.091 FINANCING. Subdivision 1.Authority.At any time after one or more improvements are ordered as contemplated in section 429.031,the council may issue obligations in such amount as it deems necessary to defray in whole or in part the expense incurred and estimated to be incurred in making the improvement or improvements, including every item of cost of the kinds authorized in section 475.65. In the event of any omission,error, or mistake in any of the proceedings required precedent to the ordering of any improvement,the validity of the obligations shall not be affected thereby. The council shall cause all further actions and proceedings to be taken with due diligence that are required for the construction of each improvement financed wholly or partly from the proceeds of obligations issued hereunder,and for the final and valid levy of special assessments and the appropriation of any other funds needed to pay the obligations and interest thereon when due. Subd. 2. Types of obligations permitted. The council may by resolution adopted prior to the sale of obligations pledge the full faith,credit,and taxing power of the municipality for the payment of the principal and interest. Such obligations shall be called improvement bonds and the council shall pay the principal and interest out of any fund of the municipality when the amount credited to the specified fund is insufficient for the purpose and shall each year levy a sufficient amount to take care of accumulated or anticipated deficiencies, which levy shall not be subject to any statutory or charter tax limitation. Obligations for the payment of which the full faith and credit of the municipality is not pledged shall be called assessment revenue notes or,in the case of bonds for fire protection,revenue bonds and shall contain a promise to pay solely out of the proper special fund or funds pledged to their payment. It shall be the duty of the municipal treasurer to pay maturing principal and interest on warrants or revenue bonds out of funds on hand in the proper funds and not otherwise. Subd.3.Method of issuance.All obligations shall be issued in accordance with the provisions of chapter 475,except as provided in this subdivision. An election shall be required for bonds if less than 20 percent of the cost of the improvement to the municipality is to be assessed against benefited property. If the full faith,credit,and taxing power of the municipality is not pledged and the bonds are issued to finance a fire protection system, a public sale shall not be required and the obligations may (1)mature at any time or times within 30 years from date of issue; or 40 years or the useful life of the asset, whichever is less, for municipal water and wastewater treatment systems and essential community facilities financed or guaranteed by the United States Department of Agriculture; (2)mature in the amount or amounts; (3)be sold at a price equal to the percentage of their par value,plus accrued interest; and (4)bear interest at the rate or rates, as agreed by the purchaser and the municipality,notwithstanding any limitation of interest rate or cost or of the amounts of annual maturities contained in any other law. Copyright©2016 by the Revisor of Statutes,State of Minnesota.All Rights Reserved.