Minnesota Session Laws - 1988, Regular Session

  

                         Laws of Minnesota 1988 

                        CHAPTER 540-H.F.No. 1864 
           An act relating to the city of Jordan; enabling the 
          city to issue tax anticipation certificates. 
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
    Section 1.  [CITY OF JORDAN; ISSUANCE OF TAX ANTICIPATION 
CERTIFICATES.] 
    Notwithstanding any provision of other law or charter which 
by per capita limitation, mill rate limitation, or otherwise 
limits the power of a home rule charter city to incur any debt 
or to issue any evidence of indebtedness, at any time after the 
first day of the year following the making of an annual tax 
levy, the city of Jordan may, by resolution and without public 
referendum, issue certificates of indebtedness in anticipation 
of the collection of taxes levied for any fund and not yet 
collected.  The total of all certificates issued against any 
fund for any year with interest thereon until maturity, together 
with all orders outstanding against the fund, shall not exceed 
the total current taxes for the fund uncollected at the time of 
issuance plus the cash on hand in the fund.  Certificates issued 
under this section in anticipation of taxes levied in 1987 shall 
not exceed $375,000.  Certificates issued under this section in 
anticipation of taxes levied in 1988 shall not exceed $300,000. 
No certificate shall be issued to become due and payable later 
than the first day of April of the year following the year of 
issuance.  Each certificate shall state upon its face the fund 
for which the proceeds of the certificate shall be used, the 
total amount of the certificates so issued against the fund, and 
the total amount embraced in the tax levy for that fund.  They 
shall otherwise be issued on the terms and conditions the 
council determines.  The proceeds of the taxes assessed on 
account of the fund against which the tax anticipation 
certificates are issued and the full faith and credit of the 
city shall be irrevocably pledged for the payment of the 
principal and interest on the certificates.  The certificates 
shall not be included in computing the net debt of the city. 
    Sec. 2.  [EFFECTIVE DATE.] 
    Section 1 is effective the day following final enactment 
and applies to certificates issued in anticipation of taxes 
levied in 1987 and 1988. 
    Approved April 18, 1988