reglab/housing_qa huggingface dataset:
MN Stat § 475.56 (2021)
2021 Minnesota Statutes|Chapters 474 - 477C — Public Debt; Local Government Aid|Chapter 475 — Municipal Debt|Section 475.56 — Interest Rate.

475.56 INTEREST RATE. (a) Any municipality issuing obligations under any law may issue obligations bearing interest at a single rate or at rates varying from year to year which may be lower or higher in later years than in earlier years. The highest aggregate rate of interest contracted to be so paid for any period shall not exceed the maximum rate authorized by law and the average annual rate of such interest may not exceed the maximum rate authorized by law. This section does not authorize a provision in any such obligations for the payment of a higher rate of interest after maturity than before. (b) Any municipality issuing obligations under any law may sell original issue discount or premium obligations. To determine the average annual rate of interest on the obligations, any discount shall be added to, and any premium subtracted from, the total amount of interest on the obligations to their stated maturity dates. (c) Any obligation may bear interest at a rate varying periodically at the time or times and on the terms, including convertibility to a fixed rate of interest, determined by the governing body of the municipality, but the rate of interest for any period shall not exceed any maximum rate of interest for the obligations established by law. For purposes of section 475.61, subdivisions 1 and 3, the interest payable on variable rate obligations for their term shall be determined as if their rate of interest is the lesser of the maximum rate of interest payable on the obligations in accordance with their terms or the rate estimated for such purpose by the governing body, but if the interest rate is subsequently converted to a fixed rate the levy may be modified to provide at least five percent in excess of amounts necessary to pay principal of and interest at the fixed rate on the obligations when due. For purposes of computing debt service or interest pursuant to section 475.67, subdivision 12, interest throughout the term of bonds issued pursuant to this subdivision is deemed to accrue at the rate of interest first borne by the bonds. The provisions of this paragraph do not apply to general obligations issued by a statutory or home rule charter city with a population of less than 7,500, as defined in section 477A.011, subdivision 3, or to general obligations that are not rated A or better, or an equivalent subsequently established rating, by Standard and Poor's Corporation, Moody's Investors Service or other similar nationally recognized rating agency, except that any statutory or home rule charter city, regardless of population or bond rating, may issue variable rate obligations as a participant in a bond pooling program established by the League of Minnesota Cities that meets this bond rating requirement. History:  (1938-2 1/2) 1933 c 171; 1949 c 682 s 6; 1959 c 36 s 1; 1963 c 829 s 1; 1967 c 481 s 3; 1974 c 380 s 7; 1Sp1985 c 14 art 8 s 52; 1986 c 465 art 2 s 20; 1987 c 344 s 30; 1999 c 248 s 13; 2000 c 493 s 16; 1Sp2021 c 14 art 10 s 5
MN Stat § 475.57 (2021)
2021 Minnesota Statutes|Chapters 474 - 477C — Public Debt; Local Government Aid|Chapter 475 — Municipal Debt|Section 475.57 — Initiation Of Proceedings; Resolution.

475.57 INITIATION OF PROCEEDINGS; RESOLUTION. Proceedings for issuing bonds under sections 475.51 to 475.74 shall be initiated by a resolution of the governing body of the municipality stating the amount proposed to be borrowed and the purpose for which the debt is to be incurred. Such resolution may provide for the submission of the question to vote of the electors. A town board may adopt such resolution without a statement for special town meeting being filed with the clerk. History:  1949 c 682 s 7; 1997 c 7 art 1 s 160
MN Stat § 475.59 (2021)
2021 Minnesota Statutes|Chapters 474 - 477C — Public Debt; Local Government Aid|Chapter 475 — Municipal Debt|Section 475.59 — Manner Of Submission; Notice.

475.59 MANNER OF SUBMISSION; NOTICE. Subdivision 1. Generally; notice. When the governing body of a municipality resolves to issue bonds for any purpose requiring the approval of the electors, it shall provide for submission of the proposition of their issuance at a general or special election or town or school district meeting. Notice of such election or meeting shall be given in the manner required by law and shall state the maximum amount and the purpose of the proposed issue. In any school district, the school board or board of education may, according to its judgment and discretion, submit as a single ballot question or as two or more separate questions in the notice of election and ballots the proposition of their issuance for any one or more of the following, stated conjunctively or in the alternative: acquisition or enlargement of sites, acquisition, betterment, erection, furnishing, equipping of one or more new schoolhouses, remodeling, repairing, improving, adding to, betterment, furnishing, equipping of one or more existing schoolhouses. In any city, town, or county, the governing body may, according to its judgment and discretion, submit as a single ballot question or as two or more separate questions in the notice of election and ballots the proposition of their issuance, stated conjunctively or in the alternative, for the acquisition, construction, or improvement of any facilities at one or more locations. Subd. 2. Election date. An election to approve issuance of bonds under this section held by a municipality or school district must be held on a date authorized in section 205.10, subdivision 3a, or 205A.05, subdivision 1a. History:  1949 c 682 s 9; 1957 c 318 s 1; 2001 c 214 s 44; 2017 c 92 art 2 s 25
MN Stat § 475.62 (2021)
2021 Minnesota Statutes|Chapters 474 - 477C — Public Debt; Local Government Aid|Chapter 475 — Municipal Debt|Section 475.62 — Register.

475.62 REGISTER. Each county auditor shall keep a register in which shall be entered, as to each issue of such obligations by any municipality located, in whole or in part, in the county, a record of the aggregate amount authorized, the aggregate amount issued, the purpose for which issued, the number, denomination, date, and maturity of each, the rate of interest, the time of payment, the place of payment of principal and interest, and the amount of tax levied for the payment thereof. The auditor shall also enter in said register the date and amount of each debt service loan and capital loan made by the state to any school district situated wholly or partly within the county, in accordance with section 126C.68, subdivision 2, or 126C.69, subdivision 12, and shall enter on or before November 1 in each year thereafter the amount of the maximum effort debt service levy and the additional amount of the levy for interest on state loans to be extended on the tax rolls in that year, as certified by the commissioner of education in accordance with sections 126C.68, subdivision 4, and 126C.69, subdivision 14. In each such year the auditor shall extend on the tax rolls against all taxable property within each such district either (a) the aggregate amount of all tax levies required by section 475.61 to be so extended in such year, less the principal amount of any new debt service loan granted in the current year, or (b) the maximum effort debt service levy of the district as certified by the commissioner of education, if greater than the levy required by the preceding clause (a); adding in either case (c) the amount of the levy for interest on state loans as certified by the commissioner of education, including interest on any new debt service loan granted in the current year. If the school district is situated in more than one county, the aggregate levy shall be apportioned among the counties as provided in section 475.61, subdivision 2, by the county auditor of the county in which is situated the largest portion by net tax capacity of the taxable property within the school district. History:  (1938-8) 1927 c 131 s 6; 1949 c 682 s 12; 1965 c 875 s 12; 1988 c 719 art 5 s 84; 1989 c 329 art 13 s 20; 1990 c 562 art 11 s 7; 1Sp1995 c 3 art 16 s 13; 1998 c 397 art 11 s 3; 2003 c 130 s 12
MN Stat § 475.63 (2021)
2021 Minnesota Statutes|Chapters 474 - 477C — Public Debt; Local Government Aid|Chapter 475 — Municipal Debt|Section 475.63 — Certificate As To Registration.

475.63 CERTIFICATE AS TO REGISTRATION. Before any obligations payable in whole or in part from taxes shall be delivered to the purchaser, the municipality shall obtain and deliver to the purchaser a certificate of the county auditor that the issue has been entered on the register. If a tax levy is required by law, such certificate shall also recite that such tax has been levied as required by law. History:  (1938-9) 1927 c 131 s 7; 1949 c 682 s 13; 1951 c 422 s 6; 1986 c 444; 1995 c 256 s 30
MN Stat § 475.64 (2021)
2021 Minnesota Statutes|Chapters 474 - 477C — Public Debt; Local Government Aid|Chapter 475 — Municipal Debt|Section 475.64 — Levy By Auditor.

475.64 LEVY BY AUDITOR. In the event no method of levying a tax for the payment of the indebtedness of any municipality and the interest thereon is provided, or the municipal authorities fail to cause such levy to be made, the county auditor shall add to the other taxes charged upon the property taxable in the municipality an amount sufficient to meet such obligations when due, which additional levy shall be extended and collected with the other taxes of the year. History:  (1945) RL s 787; 1949 c 682 s 14
MN Stat § 475.65 (2021)
2021 Minnesota Statutes|Chapters 474 - 477C — Public Debt; Local Government Aid|Chapter 475 — Municipal Debt|Section 475.65 — Delivery Of Bonds; Use Of Proceeds.

475.65 DELIVERY OF BONDS; USE OF PROCEEDS. Upon payment to the treasurer of the purchase price by the successful bidder, the obligations shall be delivered, and the treasurer shall account for the receipt and disbursement of the proceeds thereof for the use named in the resolution or other instrument or instruments authorizing such obligations, in a separate fund or account in the official financial records of the municipality. Pending such use the proceeds may be invested and reinvested in accordance with law, and the income and gain therefrom shall be held as part of the proceeds and applied to such use or to the payment of the obligations and interest thereon or otherwise as provided in any city charter or any other law. The purchaser shall not be obligated to see to the application of the purchase price. When the use authorized is the acquisition or betterment of any land, easements, buildings, structures, machinery, or equipment, the proceeds may be used to pay all expenses, incurred and to be incurred, which are reasonably necessary and incidental to such acquisition or betterment, including, but without limitation, the cost of necessary professional planning studies to determine desirable locations, architectural, engineering, legal, financial advisory, and other professional services, printing and publication, and interest to accrue on the obligations prior to the anticipated date of commencement of the collection of taxes or special assessments to be levied or other funds pledged for the payment of the obligations and interest thereon. When the obligations are payable wholly from the income from a utility or other project, for the acquisition or betterment of which the obligations are issued, the proceeds may be used in part to establish a reserve as further security for the payment of such principal and interest when due. If the contemplated use be afterward abandoned, or if any balance of the proceeds of the obligations remains after the use is accomplished, or if the governing body determines that at least 85 percent of the cost of the use has been paid or finally determined and retains in the fund an amount sufficient to pay the estimated costs of completion, the remainder of the fund may be devoted to any other public use authorized by law, and approved by resolution adopted or vote taken in the manner required to authorize bonds for such new use and purpose. Any balance remaining after the improvement has been completed and paid for, unless devoted to a new use as herein authorized, shall become a part of the debt service fund of the municipality. History:  (1944) RL s 786; 1949 c 682 s 15; 1967 c 481 s 4; 1969 c 183 s 1; 1976 c 324 s 12,26; 1983 c 365 s 3
MN Stat § 475.68 (2021)
2021 Minnesota Statutes|Chapters 474 - 477C — Public Debt; Local Government Aid|Chapter 475 — Municipal Debt|Section 475.68 — Joint Liability Of Town And Statutory City.

475.68 JOINT LIABILITY OF TOWN AND STATUTORY CITY. In the event a town and a statutory city are jointly liable for the payment of any bonded indebtedness or in the event all the property within any town or statutory city is liable to be taxed for the payment of any such indebtedness, any such town or statutory city, at the time bonds mature, may pay that proportion of such indebtedness that the amount of the last assessment of property situate in the town or the statutory city bears to the net tax capacity of both the town and the statutory city. If either the town or the statutory city deems such assessment to be inequitable, its governing body may demand, in writing, that the commissioner of revenue appoint a disinterested assessor, not a resident of either the town or the statutory city, to make a reassessment of all the property situate in the town and the statutory city. Thereupon the commissioner shall appoint such assessor. The reassessment so made governs in the division of such indebtedness. Any such town or statutory city may issue bonds for the payment of the amount thereof for which it is liable. History:  (1953) 1909 c 254 s 1; 1949 c 682 s 18; 1973 c 123 art 5 s 7; 1973 c 582 s 3; 1988 c 719 art 5 s 84; 1989 c 329 art 13 s 20
MN Stat § 475.69 (2021)
2021 Minnesota Statutes|Chapters 474 - 477C — Public Debt; Local Government Aid|Chapter 475 — Municipal Debt|Section 475.69 — Defaced Bonds; Duplicates.

475.69 DEFACED BONDS; DUPLICATES. When any obligation of a municipality becomes unfit for circulation, it may be surrendered and canceled. Upon the authorization of the governing body, a duplicate of the obligation except as to signatures and a duplicate of any unpaid coupons, may be issued to the owners. These duplicates shall be marked "DUPLICATE" and the date of issue shown thereon. Such marking shall be signed by the treasurer then in office. History:  (1970) RL s 791; 1949 c 682 s 19
MN Stat § 475.70 (2021)
2021 Minnesota Statutes|Chapters 474 - 477C — Public Debt; Local Government Aid|Chapter 475 — Municipal Debt|Section 475.70 — Lost Instruments; Indemnity.

475.70 LOST INSTRUMENTS; INDEMNITY. If the owner of any obligation which is destroyed or lost, first gives a satisfactory surety bond to the municipality, in a sum double the amount of such obligation, conditioned to save it harmless in the premises, the governing body thereof may authorize the issuance of another to the owner in its place, corresponding with the missing obligation as to number, date, amount, and unpaid coupons. Such obligation shall be signed by the proper officials who are then in office, and shall be marked and dated as provided in section 475.69. The treasurer shall keep a record of all reissues and duplicates showing the date of issue and the persons to whom issued. History:  (1971) RL s 792; 1949 c 682 s 20
MN Stat § 475.72 (2021)
2021 Minnesota Statutes|Chapters 474 - 477C — Public Debt; Local Government Aid|Chapter 475 — Municipal Debt|Section 475.72 — Violations And Penalties.

475.72 VIOLATIONS AND PENALTIES. Any officer of any municipality who knowingly fails to comply with any provision of Laws 1949, chapter 682 is guilty of a misdemeanor. History:  (1938-12) 1927 c 131 s 10; 1949 c 682 s 22
MN Stat § 475.73 (2021)
2021 Minnesota Statutes|Chapters 474 - 477C — Public Debt; Local Government Aid|Chapter 475 — Municipal Debt|Section 475.73 — State Board Of Investment.

475.73 STATE BOARD OF INVESTMENT. Subdivision 1. May purchase these bonds; conditions. Obligations sold under the provisions of section 475.60 may be purchased by the State Board of Investment if the obligations meet the requirements of section 11A.24, subdivision 2, upon the approval of the attorney general as to form and execution of the application therefor, and under rules as the board may specify, and the state board shall have authority to purchase the same to an amount not exceeding 3.63 percent of the estimated market value of the taxable property of the municipality, according to the last preceding assessment. The obligations shall not run for a shorter period than one year, nor for a longer period than 30 years and shall bear interest at a rate to be fixed by the state board but not less than two percent per annum. Forthwith upon the delivery to the state of Minnesota of any obligations issued by virtue thereof, the commissioner of management and budget shall certify to the respective auditors of the various counties wherein are situated the municipalities issuing the same, the number, denomination, amount, rate of interest and date of maturity of each obligation. Subd. 2. Tax levy. The annual tax levy for the payment of principal and interest on account of such obligations shall be for an amount 50 percent in excess of the sum to be paid therefrom. The state auditor, at the time of certifying the state tax, shall also certify to each county auditor the amount necessary to pay such principal and interest. When collected so much of such tax as may be necessary shall be paid into the state treasury. The excess remaining shall be held over in the county treasury to be applied on the next future payment due on such obligations, and the amount of such excess shall be reported by the county auditor to the state auditor on or before August first each year, who shall deduct the same from the next annual tax levy for such purpose. The remainder, when such bonds are paid in full, shall be credited to the general fund of the municipality; and, in case a portion of the territory embraced in such municipality at the time such obligations were issued, has since been set off to another municipality, such remainder shall be divided with such other municipality, using as a basis for such division the last net tax capacity of the territory affected by such obligations. Any such municipality which shall make payment to the state of the full amount of principal and interest due on account of such obligations prior to the extending of such tax therefor by the state auditor shall be exempt from the provisions of this section. History:  1949 c 682 s 23; 1973 c 492 s 14; 1980 c 607 art 14 s 44; 1986 c 444; 1988 c 719 art 5 s 84; 1989 c 329 art 13 s 20; 1990 c 480 art 9 s 23; 2009 c 101 art 2 s 109; 2013 c 143 art 14 s 104
MN Stat § 475.74 (2021)
2021 Minnesota Statutes|Chapters 474 - 477C — Public Debt; Local Government Aid|Chapter 475 — Municipal Debt|Section 475.74 — Law Limiting Taxes Not Applicable.

475.74 LAW LIMITING TAXES NOT APPLICABLE. The provisions of any law limiting taxes shall not limit the power of any city of the first or second class or any independent school district in any city of the first class, or any special school district in a city of the second class having a population of not less than 28,000 nor more than 32,000 according to the 1950 federal census, to levy taxes to pay its general obligation bonds nor shall such provisions limit the power of any municipality to levy taxes to make good any deficiency in any prior levies made pursuant to section 475.61. The governing body shall levy such taxes without limitation as to rate or amount. History:  1949 c 682 s 24; 1951 c 422 s 8; 1957 c 43 s 1; 1957 c 743 s 1; 1Sp1989 c 1 art 5 s 43
MN Stat § 475.753 (2021)
2021 Minnesota Statutes|Chapters 474 - 477C — Public Debt; Local Government Aid|Chapter 475 — Municipal Debt|Section 475.753 — Municipalities Are Subject To This Chapter.

475.753 MUNICIPALITIES ARE SUBJECT TO THIS CHAPTER. All municipalities are subject to the provisions of this chapter in the issuance of obligations and may incur indebtedness to the extent of but not in excess of the debt limit in said chapter notwithstanding any home rule charter provision or charter law adopted prior to April 1, 1951. Nothing herein shall prevent the adoption after that date of additional debt limitations or restrictions. This section shall not be deemed to amend or otherwise affect or change section 475.53, subdivision 3. History:   1951 c 422 s 9
MN Stat § 475.754 (2021)
2021 Minnesota Statutes|Chapters 474 - 477C — Public Debt; Local Government Aid|Chapter 475 — Municipal Debt|Section 475.754 — Disaster, Public Emergency; Certificates Of Indebtedness.

475.754 DISASTER, PUBLIC EMERGENCY; CERTIFICATES OF INDEBTEDNESS. 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. History:  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