(a) A municipality may sell at private or public sale, at the price or prices determined by the municipality, any note, mortgage, lease, sublease, lease purchase, or other instrument or obligation evidencing or securing a loan made for the purpose of economic development, job creation, redevelopment, or community revitalization to a business, for-profit or nonprofit organization, or an individual.
(b) Sales under this section must be made through arrangements whereby the ultimate sale of the instrument is to be made as part of a pool of instruments on behalf of one or more other municipalities, port authorities, housing and redevelopment authorities, or rural development finance authorities (other than a port authority or housing and redevelopment authority located wholly or partly within the municipality). The restrictions of the previous sentence do not apply if the sale is a public sale or if the proposed sale is submitted to and approved by the commissioner of commerce. The commissioner shall review the proposed sale to determine if the agreed-upon price adequately compensates the municipality, given the maturity, risk, and yield of the instrument. If a proposed sale is submitted to the commissioner of commerce and the sale is not disapproved in writing by the commissioner within 30 days, the sale is deemed approved. The restrictions contained in this paragraph apply to sales made under sections 469.059, subdivision 17; 469.101, subdivision 22; and 469.146, subdivision 3.
(c) This section does not apply to an obligation to make payments to the municipality, if the underlying obligation arose out of a transaction in which the proceeds of the loan were financed by revenues derived from tax increments from a tax increment financing district that includes property owned by the borrower. For the purpose of this section, a "municipality" is any home rule charter city, statutory city, county, or town.
1989 c 317 s 1
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.