1.1 	A bill for an act
1.2 	relating to the town of White and the city of Biwabik;
1.3 	authorizing general obligations of the town of White.
1.4 	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

1.5 	Section 1. TOWN OF WHITE; OBLIGATIONS AUTHORIZED.
 1.6 		Subdivision 1.Obligations. Notwithstanding any
1.7 	provision of law or charter to the contrary, the town of White
1.8 	may pledge its general obligation, as defined in Minnesota
1.9 	Statutes, section 475.51, subdivision 10, to secure the
1.10 	financing of local improvements as provided in this section.
1.11 		Subd. 2.Special rules. (a) The obligations are subject
1.12 	to the provisions of Minnesota Statutes, chapter 429, except as
1.13 	provided in this subdivision.
1.14 	(b) The obligations must be issued to finance:
1.15 	(1) the cost of local improvements described in Minnesota
1.16 	Statutes, section 429.021, located within the area referred to
1.17 	in Laws 2003, chapter 119, section 2;
1.18 	(2) any reserves required to market the obligation; and 
1.19 	(3) the costs of issuing the obligations.
1.20 	(c) The obligations must be additionally secured by special
1.21 	assessments levied or to be levied by the city of Biwabik within
1.22 	the area referred to in paragraph (b).
1.23 	(d) The pledge of special assessments by the city of
1.24 	Biwabik for the payment of the obligations must be made by
2.1 	written agreement by and between the town of White and the city
2.2 	of Biwabik and must be filed with the county auditor.
2.3 	(e) Notwithstanding Minnesota Statutes, section 475.58, no
2.4 	election is required to approve the obligations.
2.5 	(f) The obligations are not included in computing any debt
2.6 	limitation applicable to the town of White or the city of
2.7 	Biwabik, and the levy of taxes under Minnesota Statutes, section
2.8 	475.61, to pay principal of and interest on the obligations is
2.9 	not subject to any levy limitation.
2.10 	
EFFECTIVE DATE. This section is effective upon local
2.11 	approval by the town of White and the city of Biwabik in
2.12 	compliance with the requirements of Minnesota Statutes, section
2.13 	645.021.