Subdivision 1. Beyond debt limit. The bonds authorized by sections 458.32 to 458.35 may be issued and sold by the city even if the sale results in the bonded debt of the city exceeding a limit in its charter or in state law.
Subd. 2. Pledge, levy. The full faith and credit of the city must at all times be pledged to pay the bonds issued under sections 458.32 to 458.35, and to pay the current interest on the bonds. The city council shall each year include in its tax levy a sufficient amount to pay the interest as it accrues and to accumulate a sinking fund to redeem the bonds at their maturity.
(1507) 1911 c 114 s 3; 1985 c 265 art 8 s 1
Structure Minnesota Statutes
Chapters 451 - 459 — Local Public Utilities, Enterprises
Chapter 458 — Water Transportation Facilities
Section 458.02 — Power To Get Land For Transport Facilities; Use.
Section 458.03 — Power To Build Facilities, Charge Fees For Use.
Section 458.20 — City May Condemn Water-covered Land For Slips.
Section 458.21 — Condemned Land Must Be Public Water Highway.
Section 458.22 — City To Act As City Getting Building Line Easement.
Section 458.23 — Land Or Easement To Vest In City.
Section 458.24 — Land May Be Condemned For Harbors And Wharves.
Section 458.25 — Build And Operate Wharves And Docks; User Fees.
Section 458.32 — City May Get Levees On Stream If Channel Moved.
Section 458.33 — Issuance Of Bonds To Get And Improve Levees.
Section 458.34 — Levy For Bonds; Debt Limit Waived; Tax Levy.
Section 458.35 — Term Of Bonds; Sale.
Section 458.36 — Bonds For Quarries And Docks.
Section 458.37 — Tax Levy To Pay Bonds.
Section 458.38 — Issue And Sale Of Bonds.
Section 458.39 — Use Of Bond Proceeds; Quarry And Dock Fund.
Section 458.40 — Must Vote To Issue Bonds If Charter Says So.
Section 458.46 — May Get And Fix Land For Docks; Set Fees; Regulate.
Section 458.59 — Reclaiming Wasted Harbor Land; Sale And Use.
Section 458.73 — Power; Fund By 40 Year Chapter 475 Obligations.