Subdivision 1. Power; details. The council of a city of the first class, for a purpose in sections 458.36 to 458.40, may issue from time to time as needed negotiable bonds of the city to a total amount of not more than $500,000. The council shall decide what denominations, place, and time of payment are best for the bonds. The bonds must be paid within ten years of their issue date. The bonds must be serial in form. One-tenth must be retired each year after issue. They must bear interest of not more than six percent per year payable semiannually, with interest coupons attached, payable at the place named on them. The city council may also negotiate and sell the bonds from time to time to the highest bidder on the best terms that can be obtained for the bonds.
Subd. 2. Par. The bonds must not be sold for less than their par value plus accrued interest on them.
Subd. 3. Charter prevails. Sections 458.36 to 458.40 do not supersede a city charter provision for a voter's referendum on ordinances passed by the council. The sections also do not supersede a city charter provision making the action of the council subject to approval of a board of estimate and taxation or fixing a particular method to authorize bonds.
(1600-1) 1925 c 64 s 1; 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.