A home rule charter city, statutory city, county, town, or school district may purchase personal property under an installment contract, or lease real or personal property with an option to purchase under a lease-purchase agreement, by which contract or agreement title is retained by the seller or vendor or assigned to a third party as security for the purchase price, including interest, if any, but such purchases are subject to statutory and charter provisions applicable to the purchase of real or personal property. For purposes of the bid requirements contained in section 471.345, "the amount of the contract" shall include the total of all lease payments for the entire term of the lease under a lease-purchase agreement. The obligation created by an installment contract or a lease-purchase agreement for personal property, or an installment contract or a lease-purchase agreement for real property if the amount of the contract for purchase of the real property is less than $1,000,000, shall not be included in the calculation of net debt for purposes of section 475.53, and shall not constitute debt under any other statutory provision. No election shall be required in connection with the execution of an installment contract or a lease-purchase agreement authorized by this section. The city, county, town, or school district must have the right to terminate a lease-purchase agreement at the end of any fiscal year during its term.
1965 c 266 s 1; 1976 c 44 s 67; 1979 c 3 s 1; 1982 c 523 art 15 s 4; 1988 c 639 s 6; 1989 c 329 art 5 s 16; 1990 c 562 art 5 s 12; 1997 c 231 art 2 s 33; 1Sp2021 c 14 art 10 s 4
Structure Minnesota Statutes
Chapters 465 - 466 — Political Subdivisions, General Provisions
Chapter 465 — Rights, Powers And Duties; Municipalities
Section 465.01 — Power Of Eminent Domain.
Section 465.013 — Property Or Easements Not Acquired By Prescription.
Section 465.02 — Lands Deeded To State; Modification Of Conditions.
Section 465.025 — Gifts Of Land To State.
Section 465.03 — Gifts To Municipalities.
Section 465.035 — Public Corporation, Conveyance Or Lease Of Land.
Section 465.036 — Gifts, Hospitals.
Section 465.037 — Gifts To Hospitals And Emergency Medical Services Agencies.
Section 465.039 — Gifts To Organizations Distributing Food.
Section 465.04 — Acceptance Of Gifts.
Section 465.05 — Tax Levy To Pay Interest.
Section 465.13 — Judgment Against Municipality; Payment.
Section 465.14 — Tax Levy; Execution.
Section 465.15 — Cities May Acquire Exempt Property.
Section 465.16 — Power Of Eminent Domain.
Section 465.17 — May Issue Bonds.
Section 465.19 — City To Own Old Channel If It Pays For United States Channel Change.
Section 465.26 — Diversion Of Unnavigable Streams; Raising Waters Of Lakes.
Section 465.27 — Ordinance; Survey And Map.
Section 465.28 — Lands; How Acquired.
Section 465.29 — Condemnation; Special Assessments.
Section 465.30 — Ordinance; Appraisers.
Section 465.32 — Notice Of Meeting.
Section 465.33 — Mailing Notices.
Section 465.34 — Meeting Of Appraisers; Damages And Benefits.
Section 465.36 — Different Owners Or Interests.
Section 465.38 — Notice Of Appraisement; Confirmation Or Annulment.
Section 465.39 — Award; Appeal.
Section 465.40 — Vesture Of Title.
Section 465.41 — Removal Of Buildings.
Section 465.42 — Appeal; Objections; Notice; Record.
Section 465.43 — Hearing; Appraisers; Award; Appeal.
Section 465.44 — Time Of Payment.
Section 465.45 — Notice Of Pendency; Persons Affected.
Section 465.46 — Award, Assessment Certified; Assessment Process.
Section 465.47 — Duty Of City.
Section 465.48 — Powers And Duties Of Council; Penalties.
Section 465.49 — May Sell Lake Water, Ice; Spend, Get Gifts To Keep Up Lake.
Section 465.50 — Observance Of Memorial Day.
Section 465.54 — May Pay Expenses From General Fund Of Statutory City.
Section 465.58 — Members Of The League Of Cities.
Section 465.69 — Training Of School Safety Patrol Members.
Section 465.70 — Television Signal Distribution Systems, Certain Cities.
Section 465.71 — Installment, Lease Purchase; City, County, Town, School.
Section 465.717 — Creation Of Corporations.
Section 465.719 — Corporations Created Before May 31, 1997.
Section 465.72 — Severance Pay.
Section 465.722 — Severance Pay For Highly Compensated Employees.
Section 465.73 — Loan From, Secured By U.s. Agriculture Department Agency.
Section 465.74 — Authorization To Operate District Heating Systems.
Section 465.76 — May Pay For Officer Or Employee's Criminal Defense.
Section 465.77 — May Regulate Drilling Of Mined Underground Space.
Section 465.78 — Participate In Economic Development Secondary Market.
Section 465.79 — Establishment Of Boundary Commission.
Section 465.81 — Cooperation And Combination.
Section 465.82 — Cooperation And Combination Plan.
Section 465.85 — County Auditor To Prepare Plat.
Section 465.86 — Bonded Debt At The Time Of Combination.
Section 465.90 — Municipal Authority To Permit Solicitation By Firefighters.