If in any fiscal year the receipts from taxes or other sources are insufficient to meet the expenses incurred or to be incurred in said year by any city however organized, county or town by reason of any natural disaster or other public emergency requiring the making of extraordinary expenditures, the governing body of any such city, county or town may authorize the sale of certificates of indebtedness to mature within three years and to bear interest at a rate not to exceed the amount prescribed in this chapter. The certificates may be issued with or without advertising for bids on such terms and conditions as the governing body may determine and shall be in such form as the state auditor in cooperation with the commissioner of commerce shall prescribe. All certificates and interest thereon shall be payable from taxes levied within existing limitations or from other available revenue. The certificates shall not be included in the net debt of the issuing city, county or town.
1973 c 61 s 1; 1973 c 123 art 5 s 7; 1973 c 492 s 7; 1983 c 289 s 114 subd 1; 1984 c 655 art 1 s 92; 1Sp1985 c 14 art 4 s 94; 1Sp1989 c 1 art 5 s 44
Structure Minnesota Statutes
Chapters 474 - 477C — Public Debt; Local Government Aid
Section 475.52 — Bond Issues; Purposes.
Section 475.521 — Capital Improvement Bonds.
Section 475.522 — Grant Anticipation Financing Of Transportation Or Transit Projects.
Section 475.525 — Municipal District Heating Bonds.
Section 475.53 — Limit On Net Debt.
Section 475.54 — Maturities; Redemption.
Section 475.55 — Execution; Negotiability; Interest Rates.
Section 475.551 — Excessive Interest, Validation.
Section 475.553 — Paying Agent; Destruction Of Obligations And Coupons.
Section 475.56 — Interest Rate.
Section 475.561 — Taxable Status; Special Provisions.
Section 475.57 — Initiation Of Proceedings; Resolution.
Section 475.58 — Obligations; Elections To Determine Issue.
Section 475.59 — Manner Of Submission; Notice.
Section 475.60 — Sale Of Bonds.
Section 475.63 — Certificate As To Registration.
Section 475.64 — Levy By Auditor.
Section 475.65 — Delivery Of Bonds; Use Of Proceeds.
Section 475.67 — Refunding Bonds, Other Obligations; Validity; Procedure.
Section 475.68 — Joint Liability Of Town And Statutory City.
Section 475.69 — Defaced Bonds; Duplicates.
Section 475.70 — Lost Instruments; Indemnity.
Section 475.72 — Violations And Penalties.
Section 475.73 — State Board Of Investment.
Section 475.74 — Law Limiting Taxes Not Applicable.
Section 475.753 — Municipalities Are Subject To This Chapter.
Section 475.754 — Disaster, Public Emergency; Certificates Of Indebtedness.
Section 475.755 — Emergency Debt Certificates.
Section 475.77 — When Bond Allocation Act Applies.
Section 475.78 — Perfection Of Pledge; Security Interests.
Section 475.79 — Powers Available To Other Political Subdivisions.
Section 475.80 — Attached, Annexed, Combined, Consolidated, Incorporated.