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428A.16, Minnesota Statute Page 1 of 1 <br />2007 Minnesota Statutes <br />428A.16 BONDS. <br />At any time after a contract for the construction of all or part of an improvement authorized <br />under sections 428A.11 to 428A.20 has been entered into or the work has been ordered, the <br />implementing entity may issue obligations in the amount it deems necessary to defray in whole or <br />in part the expense incurred and estimated to be incurred in making the improvement, including <br />every item of cost from inception to completion and all fees and expenses incurred in connection <br />with the improvement or the financing. <br />The obligations are payable primarily out of the proceeds of the fees imposed under section <br />428A.14, or from any other special assessments or revenues available to be pledged for their <br />payment under charter or statutory authority, or from two or more of those sources. The governing <br />body of the city, or if the governing bodies are the same or consist of identical membership, <br />the authority may, by resolution adopted prior to the sale of obligations, pledge the full faith, <br />credit, and taxing power of the city to bonds issued by it to ensure payment of the principal and <br />interest if the proceeds of the fees in the area are insufficient to pay the principal and interest. The <br />obligations must be issued in accordance with chapter 475, except that an election is not required, <br />and the amount of the obligations are not included in determination of the net debt of the city <br />under the provisions of any law or charter limiting debt. <br />History: 1996 c 471 art 8 s 12; 2000 c 490 art 1.1 s 8 <br />https : / /www,revisor.leg.state.mn.us /statutes / ?id= 428A.16 4/15/2008 <br />8 <br />