Subdivision 1. Up to $40,000,000 outstanding. The Metropolitan Council may by resolution authorize the issuance of general obligation bonds of the council such that the amount outstanding and undischarged at any time shall not exceed $40,000,000, for which its full faith and credit and taxing powers shall be pledged, for the acquisition and betterment of regional recreation open space in accordance with sections 473.301 to 473.341. The Metropolitan Council may also issue general obligation bonds for the purpose of refunding outstanding obligations issued hereunder. The amount of refunding bonds that may be issued from time to time shall not be subject to the dollar limitation contained in this subdivision nor shall such refunding bonds be included in computing the amount of bonds that may be issued within such dollar limitation.
Subd. 2. Chapter 475 applies; exceptions. The Metropolitan Council shall sell and issue the bonds in the manner provided in chapter 475, and shall have the same powers and duties as a municipality issuing bonds under that law, except that the approval of a majority of the electors shall not be required and the net debt limitations shall not apply. The terms of each series of bonds shall be fixed so that the amount of principal and interest on all outstanding and undischarged bonds, together with the bonds proposed to be issued, due in any year shall not exceed 0.01209 percent of estimated market value of all taxable property in the metropolitan area as last finally equalized prior to a proposed issue. The bonds shall be secured in accordance with section 475.61, subdivision 1, and any taxes required for their payment shall be levied by the council, shall not affect the amount or rate of taxes which may be levied by the council for other purposes, shall be spread against all taxable property in the metropolitan area and shall not be subject to limitation as to rate or amount. Any taxes certified by the council to the county auditors for collection shall be reduced by the amount received by the council from the commissioner of management and budget or the federal government for the purpose of paying the principal and interest on bonds to which the levy relates. The council shall certify the fact and amount of all money so received to the county auditors, and the auditors shall reduce the levies previously made for the bonds in the manner and to the extent provided in section 475.61, subdivision 3.
Subd. 3. Temporary loans. The Metropolitan Council shall have the power, after the authorization of bonds pursuant to this section, to provide funds immediately required for the purposes of sections 473.301 to 473.341, by effecting temporary loans upon such terms as it shall by resolution determine, evidenced by notes due in not exceeding 24 months from the date thereof, payable to the order of the lender or to the bearer, to be repaid with interest from the proceeds of such bonds when issued and delivered to the purchaser thereof. Such temporary loans may be made without public advertisement.
Subd. 4. Full faith, credit switch. In the event that the full faith and credit pledge of the Metropolitan Council for the payment of principal and interest on the bonds issued under this section is superseded and replaced by the full faith and credit pledge of the state of Minnesota, by binding and irrevocable legislation, such action shall extinguish the full faith and credit pledge theretofore made for all bonds and the interest thereon issued pursuant to this section.
Subd. 5. [Repealed, 1994 c 628 art 3 s 209]
1975 c 13 s 48; 1988 c 719 art 5 s 84; 1989 c 277 art 4 s 72; 2009 c 101 art 2 s 109; 2013 c 143 art 14 s 88
Structure Minnesota Statutes
Chapters 473 - 473J — Metropolitan Area
Chapter 473 — Metropolitan Government
Section 473.121 — Definitions.
Section 473.123 — Metropolitan Council.
Section 473.125 — Regional Administrator.
Section 473.127 — Advisory Committees.
Section 473.129 — Powers Of Metropolitan Council.
Section 473.1293 — Energy Forward Pricing Mechanisms.
Section 473.13 — Budget, Financial Aid.
Section 473.132 — Short-term Indebtedness.
Section 473.142 — Small Businesses.
Section 473.1425 — Working Capital Fund.
Section 473.143 — Affirmative Action Plans.
Section 473.144 — Certificates Of Compliance For Contracts.
Section 473.145 — Development Guide.
Section 473.146 — Policy Plans For Metropolitan Agencies.
Section 473.1466 — Transportation System Performance Evaluation.
Section 473.1467 — No Spending For Certain Rail Projects.
Section 473.147 — Regional Recreation Open Space System Policy Plan.
Section 473.149 — Solid Waste Comprehensive Planning.
Section 473.1565 — Metropolitan Area Water Supply Planning Activities; Advisory Committees.
Section 473.157 — Water Resources Plan.
Section 473.1631 — Legislative Review.
Section 473.164 — Sports, Airport Commissions To Pay Council Costs.
Section 473.165 — Council Review; Independent Commission, Board, Agency.
Section 473.166 — Controlled Access; Approval.
Section 473.167 — Highway Projects.
Section 473.168 — Freeway Exclusive Lanes.
Section 473.171 — Council Review; Applications For Federal And State Aid.
Section 473.173 — Council Review; Metropolitan Significance.
Section 473.175 — Review Of Comprehensive Plans.
Section 473.181 — Additional Council Review.
Section 473.191 — Local Planning Assistance.
Section 473.192 — Aircraft Noise Attenuation.
Section 473.194 — Definitions.
Section 473.195 — Housing And Redevelopment Authority Powers.
Section 473.197 — Housing Bond Credit Enhancement Program.
Section 473.199 — Effect On A Municipal Or County Hra.
Section 473.201 — Allocate Local Project Costs; Seek, Get U.s. Grants.
Section 473.206 — Local Ordinances.
Section 473.208 — Cooperation.
Section 473.223 — Federal Aid.
Section 473.24 — Population Estimates.
Section 473.242 — Urban Research.
Section 473.246 — Council's Submissions To Legislative Commission.
Section 473.25 — Livable Communities Criteria And Guidelines.
Section 473.251 — Metropolitan Livable Communities Fund.
Section 473.252 — Tax Base Revitalization Account.
Section 473.253 — Livable Communities Demonstration Account.
Section 473.254 — Local Housing Incentives Account.
Section 473.255 — Inclusionary Housing Account.
Section 473.301 — Definitions.
Section 473.302 — Regional Recreation Open Space System; Purpose.
Section 473.303 — Metropolitan Parks And Open Space Commission.
Section 473.313 — Master Plans.
Section 473.315 — Grants For Recreation Open Space.
Section 473.325 — Sales Of G.o. Refunding Bonds.
Section 473.331 — Local Acquisition.
Section 473.334 — Special Assessment; Agreement.
Section 473.341 — Tax Equivalents.
Section 473.351 — Metropolitan Area Regional Parks Funding.
Section 473.371 — Policy; Goals.
Section 473.375 — Powers And Duties Of Council; Advisory Committee.
Section 473.385 — Transit Service Areas.
Section 473.386 — Special Transportation Service.
Section 473.387 — Special Transportation Markets.
Section 473.3875 — Transit For Livable Communities.
Section 473.388 — Replacement Service Program.
Section 473.39 — Borrowing Money.
Section 473.391 — Route Planning And Scheduling.
Section 473.3925 — Bus Purchases.
Section 473.3927 — Zero-emission And Electric Transit Vehicles.
Section 473.399 — Transit Ways; Light Rail Transit And Commuter Rail In The Metropolitan Area.
Section 473.3993 — Light Rail Transit Facility Plans; Definitions.
Section 473.3994 — Light Rail Transit; Design Plans.
Section 473.3995 — Light Rail Transit; Design-build Method.
Section 473.3997 — Federal Funding; Light Rail Transit.
Section 473.3999 — Light Rail Transit Construction; Council Authority.
Section 473.4051 — Light Rail Transit Construction And Operation.
Section 473.4052 — Right-of-way Use; Contracts; Liability.
Section 473.4055 — Regulation Of Light Rail Transit Warning Signals.
Section 473.4056 — Light Rail Transit Vehicle Design.
Section 473.4057 — Commuter Rail Operation And Maintenance.
Section 473.407 — Metropolitan Transit Police.
Section 473.408 — Fare Policy.
Section 473.409 — Agreements With Council; Encouragement Of Transit Use.
Section 473.41 — Transit Shelters And Stops.
Section 473.411 — Transit And Highway Systems.
Section 473.415 — Acquired Systems: Council Obligation; Worker Rights.
Section 473.416 — Rights Of System Workers In Takeover Of Transit System.
Section 473.42 — Employer Contributions For Certain Employees.
Section 473.436 — Council; Borrowing Money.
Section 473.446 — Transit Tax Levies.
Section 473.4461 — Additions To Transit Taxing District.
Section 473.448 — Transit Assets Exempt From Tax But Must Pay Assessments.
Section 473.4485 — Metropolitan Area Transit Investment.
Section 473.449 — Act Exclusive.
Section 473.452 — Transit Operating Reserves; Report.
Section 473.501 — Definitions.
Section 473.504 — Wastewater Services, Powers.
Section 473.505 — Total Watershed Management.
Section 473.511 — Sewer Service Function.
Section 473.5111 — Transfer, Disposal Of Nonmetropolitan Interceptor.
Section 473.512 — Pension Exclusion For Certain Labor Service Employees.
Section 473.513 — Municipal Plans And Programs.
Section 473.515 — Sewage Collection And Disposal; Powers.
Section 473.5155 — Violation Of Wastewater Law; Remedies, Penalties.
Section 473.516 — Waste Facilities; Sewage Sludge Disposal.
Section 473.517 — Allocation Of Costs.
Section 473.519 — 1972 U.s. Water Pollution Control Act: Use Charge Shares.
Section 473.521 — Payments To Council.
Section 473.523 — Construction Contracts Subject To Municipal Bid Law.
Section 473.524 — Capital Intensive Public Services.
Section 473.541 — Debt Obligations.
Section 473.542 — Depositories.
Section 473.543 — Moneys, Accounts And Investments.
Section 473.545 — Property Exempt From Taxation.
Section 473.549 — Relation To Existing Laws.
Section 473.551 — Definitions.
Section 473.552 — Legislative Policy; Purpose.
Section 473.553 — Commission; Membership; Administration.
Section 473.556 — Powers Of Commission.
Section 473.561 — Exemption From Council Review.
Section 473.564 — Metropolitan Sports Area.
Section 473.565 — Post 1977 Service In Msrs; Exceptions.
Section 473.572 — Revised Final Determination.
Section 473.581 — Debt Obligations.
Section 473.592 — Tax Revenues.
Section 473.595 — Commission Finances.
Section 473.596 — Highway User Tax Fund For Metrodome Access; Limits.
Section 473.598 — Arena Acquisition.
Section 473.599 — Debt Obligations.
Section 473.5995 — Football Stadium Account.
Section 473.601 — Definitions.
Section 473.602 — Declaration Of Purposes.
Section 473.6021 — Public Necessity And Purpose For Bonds.
Section 473.603 — Metropolitan Airports Commission; Powers; Structure.
Section 473.604 — Membership, Government.
Section 473.605 — Organization; Corporate Seal; Bylaws.
Section 473.608 — Powers Of Corporation.
Section 473.609 — Condemnation For Preexisting Airport Property.
Section 473.611 — Plans To Be Consistent With Development Guide.
Section 473.614 — Environmental Review.
Section 473.621 — Powers Of Corporation.
Section 473.622 — Existing Airports; Control, Jurisdiction.
Section 473.625 — Detaching Major Airport Land From City, School District.
Section 473.626 — Value And Assessment Of Taxable Detached Property.
Section 473.627 — Tax For Police, Fire, Streets, Parking.
Section 473.629 — Value Of Property For Bond Issues By School Districts.
Section 473.631 — Boundaries Of Major Airport.
Section 473.638 — Control Measure Involving Taking.
Section 473.64 — Governments In Airport Development Area; Tax Sharing.
Section 473.641 — New Airport; Public Hearing.
Section 473.651 — Rentals Fixed.
Section 473.652 — Construction Work.
Section 473.653 — Restrictions On Certain Airports.
Section 473.655 — Public And Governmental Purposes.
Section 473.661 — Budget Specifying Amounts For Separate Items.
Section 473.662 — Earnings, How Applied.
Section 473.665 — Bonds, Issuance.
Section 473.666 — Bonds, Legal Investments For Public Funds.
Section 473.667 — General Obligation Revenue Financing.
Section 473.6671 — Revenue Bonds.
Section 473.668 — Municipalities To Guarantee Bonds Of Commission.
Section 473.671 — Limit Of Tax Levy.
Section 473.672 — Metropolitan Area Tax Levy.
Section 473.675 — Legal Proceedings.
Section 473.679 — Construction Of Law.
Section 473.685 — Airport Parking Space Customer Data.
Section 473.701 — Definitions.
Section 473.702 — Establishment Of District; Purpose; Area; Governing Body.
Section 473.704 — Powers And Duties.
Section 473.705 — Contracts For Materials, Supplies And Equipment.
Section 473.706 — Adverse Interest Of Commissioners.
Section 473.711 — Financing; Budget And Tax Levies.
Section 473.712 — Withdrawal; Assets.
Section 473.714 — Compensation Of Commissioners.
Section 473.715 — Contiguous Counties; Membership.
Section 473.716 — Cooperation With Other Agencies; Advisors.
Section 473.751 — Definitions.
Section 473.753 — Property Tax Exemption; Special Assessments.
Section 473.754 — Employees And Vendors.
Section 473.755 — Minnesota Ballpark Authority.
Section 473.756 — Powers Of Authority.
Section 473.757 — County Activities; Bonds; Taxes.
Section 473.758 — Implementation.
Section 473.759 — Criteria And Conditions.
Section 473.76 — Metropolitan Sports Facilities Commission.
Section 473.761 — City Requirements.
Section 473.762 — Local Taxes.
Section 473.763 — Community Ownership.
Section 473.801 — Definitions.
Section 473.8011 — Metropolitan Agency Recycling Goal.
Section 473.803 — Metropolitan County Planning.
Section 473.804 — Household Hazardous Waste Management.
Section 473.811 — Waste Management By Counties, Defined Local Units.
Section 473.812 — Records; Inspection.
Section 473.813 — Cities, Counties, Towns; Solid Waste Contracts.
Section 473.823 — Rules And Permits.
Section 473.834 — Debt Service; Solid Waste Bonds.
Section 473.842 — Definitions.
Section 473.843 — Metropolitan Solid Waste Landfill Fee.
Section 473.844 — Metropolitan Landfill Abatement Fund.
Section 473.8441 — Local Recycling Development Program.
Section 473.845 — Metropolitan Landfill Contingency Action Account.
Section 473.846 — Report To Legislature.
Section 473.847 — Operator Or Owner Liability For Response Expenses.
Section 473.848 — Restriction On Disposal.
Section 473.849 — Prohibition; Solid Waste Disposal.
Section 473.851 — Legislative Findings And Purpose.
Section 473.852 — Definitions.
Section 473.853 — Advisory Committee.
Section 473.856 — Metropolitan System Statements; Amendments.
Section 473.857 — System Statements; Reconciliation Procedures.
Section 473.858 — Comprehensive Plans; Local Governmental Units.
Section 473.859 — Comprehensive Plan Content.
Section 473.862 — Metro Counties Other Than Hennepin, Ramsey, Anoka, And Dakota.
Section 473.864 — Plans; Adoption; Amendment.
Section 473.865 — Adoption; Conflicts, Amendment Of Controls, Devices.
Section 473.866 — Contested Cases; Administrative And Judicial Review.
Section 473.867 — Planning Assistance; Grants; Loans.
Section 473.87 — Levy For Increased Costs.
Section 473.871 — New Municipal Sewer Systems.
Section 473.910 — Midtown Planning And Coordination Board.