At any time after the first day of the year following the making of an annual tax levy, the council may issue certificates of indebtedness in anticipation of the collection of taxes levied for any fund and not yet collected. The total of all certificates issued against any fund for any year with interest thereon until maturity, together with all orders outstanding against the fund, shall not exceed the total current taxes for the fund uncollected at the time of issuance plus the cash on hand in the fund. If certificates are issued against the anticipated tax levy for any fund, any unpaid orders outstanding against the fund shall be redeemed from the proceeds of the certificates. All tax anticipation certificates shall be negotiable and shall be payable to the order of the payee and shall have a definite due date but may be payable on or before that date. No certificate shall be issued to become due and payable later than the 1st day of April of the year following the year of issuance. Certificates shall be sold for not less than par and accrued interest and shall bear interest at a rate not to exceed seven percent per annum, payable at maturity or at such earlier times as the council may determine. Each certificate shall state upon its face the fund for which the proceeds of the certificate shall be used, the total amount of the certificates so issued against the fund, and the total amount embraced in the tax levy for that fund. They shall otherwise be issued on such terms and conditions as the council may determine. The proceeds of the taxes assessed on account of the fund against which tax-anticipation certificates are issued and the full faith and credit of the city shall be irrevocably pledged for the redemption of the certificates in the order of issuance against the fund.
1949 c 119 s 33; 1953 c 735 s 4; 1967 c 761 s 3; 1971 c 25 s 79; 1973 c 123 art 2 s 1 subd 2
Structure Minnesota Statutes
Chapters 410 - 414 — Cities, Organization
Chapter 412 — Statutory Cities
Section 412.013 — Additional Powers.
Section 412.014 — Power To Operate Telephone Lines.
Section 412.015 — Uniform Code Of Municipal Government.
Section 412.016 — Application; Statutory Cities.
Section 412.018 — Cities Under General Or Special Incorporation Acts.
Section 412.02 — City Elections; Officers, Terms, Vacancies, City Employees.
Section 412.022 — Council May Provide Four-year Term.
Section 412.023 — Transition Schedule.
Section 412.081 — Separation From Town.
Section 412.091 — Dissolution; Petition; Vote.
Section 412.093 — Dissolution Secured By Claimants.
Section 412.111 — Departments, Boards.
Section 412.121 — Acting Mayor.
Section 412.131 — Assessor; Duties, Compensation.
Section 412.141 — Treasurer's Duties.
Section 412.151 — Duties Of Clerk.
Section 412.152 — Mayor; Fire Chief; Offices Not Incompatible.
Section 412.153 — Housing Aid To Ensure Timely Public Safety Service.
Section 412.191 — Members; Powers, Duties.
Section 412.201 — Execution Of Instruments.
Section 412.211 — General Statutory City Powers.
Section 412.221 — Specific Powers Of Council.
Section 412.222 — Public Accountants In Statutory Cities.
Section 412.241 — Council To Control Finances.
Section 412.251 — Annual Tax Levy.
Section 412.261 — Tax Anticipation Certificates.
Section 412.271 — Disbursements.
Section 412.301 — Financing Purchase Of Certain Equipment.
Section 412.321 — Municipal Utilities.
Section 412.331 — Establishment Of Public Utilities Commission.
Section 412.341 — Commission; Membership, Organization.
Section 412.351 — Commission, Jurisdiction.
Section 412.361 — Public Utility; Commission Powers.
Section 412.371 — Separate City Fund For Each Utility.
Section 412.391 — Abolition Of Commission Or Utility Transfer.
Section 412.491 — Parks; Parkways; Recreational Facilities.
Section 412.501 — City Of 1,000 May Have Or Continue Park Board; Formalities.
Section 412.511 — Acquisition And Control Of Park Property.
Section 412.521 — Powers Of Board.
Section 412.541 — Optional Plans.
Section 412.551 — Election On Optional Plan.
Section 412.561 — Applicable Law; Same Rights, Liabilities, Proceedings.
Section 412.571 — Continuance In Office; Elections.
Section 412.572 — Conversion To Optional Plan A.
Section 412.591 — Duties Of Clerk And Treasurer; May Be Combined.
Section 412.601 — Applications Of Sections 412.601 To 412.751.
Section 412.611 — Council-manager Plan.
Section 412.621 — Boards And Commissions.
Section 412.631 — Composition Of Council.
Section 412.641 — Manager; Basis For Choice; Residency; Term; Probation.
Section 412.651 — City Manager; Powers And Duties.
Section 412.661 — Limit On Council Powers.
Section 412.671 — Creation Of Departments; Divisions And Bureaus.
Section 412.681 — Manager Runs City; Offices May Be Joined Or Abolished.
Section 412.691 — Manager Is Purchasing Agent; Audit And Approval.
Section 412.711 — Consideration Of Budget; Tax Levy.
Section 412.721 — Budget Enforcement; Personal Liability.
Section 412.731 — Modification Of Budget.
Section 412.741 — Disbursement Of Funds.
Section 412.751 — Emergency Debt Certificates.
Section 412.831 — Official Newspaper.
Section 412.851 — Vacation Of Streets.
Section 412.861 — Prosecutions, Violations Of Ordinances.
Section 412.871 — Fines And Penalties.
Section 412.881 — President And Recorder Defined.