(a) Notwithstanding any contrary provision of other law or charter, a home rule charter city may, by resolution and without public referendum, issue capital notes subject to the city debt limit to purchase capital equipment.
(b) For purposes of this section, "capital equipment" means:
(1) public safety equipment, ambulance and other medical equipment, road construction and maintenance equipment, and other capital equipment; and
(2) computer hardware and software, whether bundled with machinery or equipment or unbundled, together with application development services and training related to the use of the computer hardware and software.
(c) The equipment or software must have an expected useful life at least as long as the term of the notes.
(d) The notes shall be payable in not more than ten years and be issued on terms and in the manner the city determines, provided that notes issued for projects that eliminate R-22, as defined in section 240A.09, paragraph (b), clause (2), must be payable in not more than 20 years. The total principal amount of the capital notes issued in a fiscal year shall not exceed 0.03 percent of the estimated market value of taxable property in the city for that year.
(e) A tax levy shall be made for the payment of the principal and interest on the notes, in accordance with section 475.61, as in the case of bonds.
(f) Notes issued under this section shall require an affirmative vote of two-thirds of the governing body of the city.
(g) Notwithstanding a contrary provision of other law or charter, a home rule charter city may also issue capital notes subject to its debt limit in the manner and subject to the limitations applicable to statutory cities pursuant to section 412.301.
1983 c 361 s 1; 1988 c 702 s 2; 1988 c 719 art 5 s 84; 1989 c 1 s 4; 1990 c 612 s 15; 2003 c 127 art 12 s 15; 1Sp2003 c 21 art 10 s 11; 2005 c 152 art 1 s 8; 2008 c 154 art 10 s 15; 2013 c 143 art 12 s 8; art 14 s 64; 1Sp2017 c 1 art 7 s 3
Structure Minnesota Statutes
Chapters 410 - 414 — Cities, Organization
Chapter 410 — Classification; Charters
Section 410.01 — Cities, Classes.
Section 410.015 — Definitions Relating To Cities.
Section 410.03 — Existing Charters Preserved.
Section 410.04 — Home Rule Charters; Patrol Limits.
Section 410.05 — Charter Commission.
Section 410.06 — Compensation; Expenses.
Section 410.07 — Determination Of Desirability; Framing Charter.
Section 410.09 — Regulation Of Franchises.
Section 410.10 — Charter Election.
Section 410.11 — Adoption; Notice, Effective Date.
Section 410.121 — Sale Of Intoxicating Liquor Or Wine; Favorable Vote.
Section 410.14 — Alternative Proposals.
Section 410.15 — Succession; Subsisting Rights.
Section 410.16 — Forms Of Government Incorporated In Charter.
Section 410.18 — Distribution Of Administrative Powers.
Section 410.19 — Powers Of Mayor And Council.
Section 410.191 — City Council Members; City Employment.
Section 410.20 — Recall And Removal Of Officers; Ordinances.
Section 410.21 — Application Of General Election Laws.
Section 410.24 — New Or Revised Charter.
Section 410.30 — City May Revert To Statutory City; Process; Transition.
Section 410.32 — Cities May Issue Capital Notes For Capital Equipment.