| 1 | 1 | | 1.1 A bill for an act |
|---|
| 2 | 2 | | 1.2 relating to taxation; public financing; modifying local government debt financing; |
|---|
| 3 | 3 | | 1.3 amending Minnesota Statutes 2024, sections 373.40, subdivision 2; 446A.086, |
|---|
| 4 | 4 | | 1.4 subdivisions 1, 2; 462C.04, subdivision 2; 469.104; 469.154, subdivision 4; |
|---|
| 5 | 5 | | 1.5 474A.091, subdivisions 2, 2a; 475.521, subdivision 2; 641.23. |
|---|
| 6 | 6 | | 1.6BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: |
|---|
| 7 | 7 | | 1.7 Section 1. Minnesota Statutes 2024, section 373.40, subdivision 2, is amended to read: |
|---|
| 8 | 8 | | 1.8 Subd. 2.Application of election requirement.(a) Bonds issued by a county to finance |
|---|
| 9 | 9 | | 1.9capital improvements under an approved capital improvement plan are not subject to the |
|---|
| 10 | 10 | | 1.10election requirements of section 375.18 or 475.58. The bonds must be approved by vote of |
|---|
| 11 | 11 | | 1.11at least three-fifths of the members of the county board. In the case of a metropolitan county, |
|---|
| 12 | 12 | | 1.12the bonds must be approved by vote of at least two-thirds of the members of the county |
|---|
| 13 | 13 | | 1.13board. |
|---|
| 14 | 14 | | 1.14 (b) Before issuance of bonds qualifying under this section, the county must publish a |
|---|
| 15 | 15 | | 1.15notice of its intention to issue the bonds and the date and time of a hearing to obtain public |
|---|
| 16 | 16 | | 1.16comment on the matter. The notice must be published in the official newspaper of the county |
|---|
| 17 | 17 | | 1.17or in a newspaper of general circulation in the county. The notice must be published at least |
|---|
| 18 | 18 | | 1.1814 ten, but not more than 28, days before the date of the hearing. |
|---|
| 19 | 19 | | 1.19 (c) A county may issue the bonds only upon obtaining the approval of a majority of the |
|---|
| 20 | 20 | | 1.20voters voting on the question of issuing the obligations, if a petition requesting a vote on |
|---|
| 21 | 21 | | 1.21the issuance is signed by voters equal to five percent of the votes cast in the county in the |
|---|
| 22 | 22 | | 1.22last county general election and is filed with the county auditor within 30 days after the |
|---|
| 23 | 23 | | 1.23public hearing. If the county elects not to submit the question to the voters, the county shall |
|---|
| 24 | 24 | | 1Section 1. |
|---|
| 25 | 25 | | 25-04802 as introduced03/13/25 REVISOR MS/DG |
|---|
| 26 | 26 | | SENATE |
|---|
| 27 | 27 | | STATE OF MINNESOTA |
|---|
| 28 | 28 | | S.F. No. 2880NINETY-FOURTH SESSION |
|---|
| 29 | 29 | | (SENATE AUTHORS: REST) |
|---|
| 30 | 30 | | OFFICIAL STATUSD-PGDATE |
|---|
| 31 | 31 | | Introduction and first reading03/24/2025 |
|---|
| 32 | 32 | | Referred to Taxes 2.1not propose the issuance of bonds under this section for the same purpose and in the same |
|---|
| 33 | 33 | | 2.2amount for a period of 365 days from the date of receipt of the petition. If the question of |
|---|
| 34 | 34 | | 2.3issuing the bonds is submitted and not approved by the voters, the provisions of section |
|---|
| 35 | 35 | | 2.4475.58, subdivision 1a, shall apply. |
|---|
| 36 | 36 | | 2.5 Sec. 2. Minnesota Statutes 2024, section 446A.086, subdivision 1, is amended to read: |
|---|
| 37 | 37 | | 2.6 Subdivision 1.Definitions.(a) As used in this section, the following terms have the |
|---|
| 38 | 38 | | 2.7meanings given. |
|---|
| 39 | 39 | | 2.8 (b) "Authority" means the Minnesota Public Facilities Authority. |
|---|
| 40 | 40 | | 2.9 (c) "Commissioner" means the commissioner of management and budget. |
|---|
| 41 | 41 | | 2.10 (d) "Debt obligation" means: |
|---|
| 42 | 42 | | 2.11 (1) a general obligation bond or note issued by a county, a bond or note to which the |
|---|
| 43 | 43 | | 2.12general obligation of a county is pledged under section 469.034, subdivision 2, or a bond |
|---|
| 44 | 44 | | 2.13or note payable from a county lease obligation under section 641.24, to provide funds for |
|---|
| 45 | 45 | | 2.14the construction of: |
|---|
| 46 | 46 | | 2.15 (i) jails; |
|---|
| 47 | 47 | | 2.16 (ii) correctional facilities; |
|---|
| 48 | 48 | | 2.17 (iii) law enforcement facilities; |
|---|
| 49 | 49 | | 2.18 (iv) a courthouse or justice center, if connected to a jail, correctional facility, or other |
|---|
| 50 | 50 | | 2.19law enforcement facility; |
|---|
| 51 | 51 | | 2.20 (iv) (v) social services and human services facilities; |
|---|
| 52 | 52 | | 2.21 (v) (vi) solid waste facilities; or |
|---|
| 53 | 53 | | 2.22 (vi) (vii) qualified housing development projects as defined in section 469.034, |
|---|
| 54 | 54 | | 2.23subdivision 2; or |
|---|
| 55 | 55 | | 2.24 (2) a general obligation bond or note issued by a governmental unit to provide funds for |
|---|
| 56 | 56 | | 2.25the construction, improvement, or rehabilitation of: |
|---|
| 57 | 57 | | 2.26 (i) wastewater facilities; |
|---|
| 58 | 58 | | 2.27 (ii) drinking water facilities; |
|---|
| 59 | 59 | | 2.28 (iii) stormwater facilities; or |
|---|
| 60 | 60 | | 2.29 (iv) any publicly owned building or infrastructure improvement that has received partial |
|---|
| 61 | 61 | | 2.30funding from grants awarded by the commissioner of employment and economic development |
|---|
| 62 | 62 | | 2Sec. 2. |
|---|
| 63 | 63 | | 25-04802 as introduced03/13/25 REVISOR MS/DG 3.1related to redevelopment, contaminated site cleanup, bioscience, small cities development |
|---|
| 64 | 64 | | 3.2programs, and rural business infrastructure programs, for which bonds are issued by the |
|---|
| 65 | 65 | | 3.3authority under section 446A.087. |
|---|
| 66 | 66 | | 3.4 (e) "Governmental unit" means a county or a statutory or home rule charter city. |
|---|
| 67 | 67 | | 3.5 Sec. 3. Minnesota Statutes 2024, section 446A.086, subdivision 2, is amended to read: |
|---|
| 68 | 68 | | 3.6 Subd. 2.Application.(a) This section provides a state guarantee of the payment of |
|---|
| 69 | 69 | | 3.7principal and interest on debt obligations if: |
|---|
| 70 | 70 | | 3.8 (1) the obligations are issued for new projects or the refunding at a net present value |
|---|
| 71 | 71 | | 3.9savings of debt service costs of obligations that are currently guaranteed pursuant to this |
|---|
| 72 | 72 | | 3.10section and are not issued for the purposes of refunding previous obligations other than as |
|---|
| 73 | 73 | | 3.11described in this sentence; |
|---|
| 74 | 74 | | 3.12 (2) application to the Public Facilities Authority is made before issuance; and |
|---|
| 75 | 75 | | 3.13 (3) the obligations are covered by an agreement meeting the requirements of subdivision |
|---|
| 76 | 76 | | 3.143. |
|---|
| 77 | 77 | | 3.15 (b) Applications to be covered by the provisions of this section must be made in a form |
|---|
| 78 | 78 | | 3.16and contain the information prescribed by the authority. Applications are subject to either |
|---|
| 79 | 79 | | 3.17a fee of $500 for each bond issue requested by a county or governmental unit or the applicable |
|---|
| 80 | 80 | | 3.18fees under section 446A.087. |
|---|
| 81 | 81 | | 3.19 (c) Application fees paid under this section must be deposited in a separate credit |
|---|
| 82 | 82 | | 3.20enhancement bond guarantee account in the special revenue fund. Money in the credit |
|---|
| 83 | 83 | | 3.21enhancement bond guarantee account is appropriated to the authority for purposes of |
|---|
| 84 | 84 | | 3.22administering this section. |
|---|
| 85 | 85 | | 3.23 (d) Neither the authority nor the commissioner is required to promulgate administrative |
|---|
| 86 | 86 | | 3.24rules under this section and the procedures and requirements established by the authority |
|---|
| 87 | 87 | | 3.25or commissioner under this section are not subject to chapter 14. |
|---|
| 88 | 88 | | 3.26 Sec. 4. Minnesota Statutes 2024, section 462C.04, subdivision 2, is amended to read: |
|---|
| 89 | 89 | | 3.27 Subd. 2.Program review.A public hearing shall be held on each program after one |
|---|
| 90 | 90 | | 3.28publication of notice in a newspaper circulating generally in the city, at least 15 ten days |
|---|
| 91 | 91 | | 3.29before the hearing. On or before the day on which notice of the public hearing is published, |
|---|
| 92 | 92 | | 3.30the city shall submit the program to the Metropolitan Council, if the city is located in the |
|---|
| 93 | 93 | | 3.31metropolitan area as defined in section 473.121, subdivision 2, or to the regional development |
|---|
| 94 | 94 | | 3Sec. 4. |
|---|
| 95 | 95 | | 25-04802 as introduced03/13/25 REVISOR MS/DG 4.1commission for the area in which the city is located, if any, for review and comment. The |
|---|
| 96 | 96 | | 4.2appropriate reviewing agency shall comment on: |
|---|
| 97 | 97 | | 4.3 (a) whether the program furthers local and regional housing policies and is consistent |
|---|
| 98 | 98 | | 4.4with the Metropolitan Development Guide, if the city is located in the metropolitan area, |
|---|
| 99 | 99 | | 4.5or adopted policies of the regional development commission; and |
|---|
| 100 | 100 | | 4.6 (b) the compatibility of the program with the housing portion of the comprehensive plan |
|---|
| 101 | 101 | | 4.7of the city, if any. |
|---|
| 102 | 102 | | 4.8 Review of the program may be conducted either by the board of the reviewing agency |
|---|
| 103 | 103 | | 4.9or by the staff of the agency. Any comment submitted by the reviewing agency to the city |
|---|
| 104 | 104 | | 4.10must be presented to the body considering the proposed program at the public hearing held |
|---|
| 105 | 105 | | 4.11on the program. |
|---|
| 106 | 106 | | 4.12 A member or employee of the reviewing agency shall be permitted to present the |
|---|
| 107 | 107 | | 4.13comments of the reviewing agency at the public hearing. After conducting the public hearing, |
|---|
| 108 | 108 | | 4.14the program may be adopted with or without amendment, provided that any amendments |
|---|
| 109 | 109 | | 4.15must not be inconsistent with the comments, if any, of the reviewing agency and must not |
|---|
| 110 | 110 | | 4.16contain any material changes from the program submitted to the reviewing agency other |
|---|
| 111 | 111 | | 4.17than changes in the financial aspects of any proposed issue of bonds or obligations. If any |
|---|
| 112 | 112 | | 4.18material change other than a change in the financial aspects of a proposed issue of bonds |
|---|
| 113 | 113 | | 4.19or obligations, or any change which is inconsistent with the comments of the reviewing |
|---|
| 114 | 114 | | 4.20agency is adopted, the amended program shall be resubmitted to the appropriate reviewing |
|---|
| 115 | 115 | | 4.21agency for review and comment, and a public hearing shall be held on the amended program |
|---|
| 116 | 116 | | 4.22after one publication of notice in a newspaper circulating generally in the city at least 15 |
|---|
| 117 | 117 | | 4.23ten days before the hearing. The amended program shall be considered after the public |
|---|
| 118 | 118 | | 4.24hearing in the same manner as consideration of the initial program. |
|---|
| 119 | 119 | | 4.25 Sec. 5. Minnesota Statutes 2024, section 469.104, is amended to read: |
|---|
| 120 | 120 | | 4.26 469.104 SECTIONS THAT APPLY IF FEDERAL LIMIT APPLIES. |
|---|
| 121 | 121 | | 4.27 Sections 474A.01 to 474A.21 apply to obligations issued under sections 469.090 to |
|---|
| 122 | 122 | | 4.28469.108 that are limited required by federal tax law as defined in section 474A.02, |
|---|
| 123 | 123 | | 4.29subdivision 8, to obtain an allocation of volume cap. |
|---|
| 124 | 124 | | 4.30 Sec. 6. Minnesota Statutes 2024, section 469.154, subdivision 4, is amended to read: |
|---|
| 125 | 125 | | 4.31 Subd. 4.Hearing.Prior to submitting an application to the department requesting |
|---|
| 126 | 126 | | 4.32approval of a project pursuant to subdivision 3, the governing body or a committee of the |
|---|
| 127 | 127 | | 4Sec. 6. |
|---|
| 128 | 128 | | 25-04802 as introduced03/13/25 REVISOR MS/DG 5.1governing body of the municipality or redevelopment agency shall conduct a public hearing |
|---|
| 129 | 129 | | 5.2on the proposal to undertake and finance the project. Notice of the time and place of hearing, |
|---|
| 130 | 130 | | 5.3and stating the general nature of the project and an estimate of the principal amount of bonds |
|---|
| 131 | 131 | | 5.4or other obligations to be issued to finance the project, shall be published at least once not |
|---|
| 132 | 132 | | 5.5less than 14 ten days nor more than 30 days prior to the date fixed for the hearing, in the |
|---|
| 133 | 133 | | 5.6official newspaper and a newspaper of general circulation of the municipality or |
|---|
| 134 | 134 | | 5.7redevelopment agency. The notice shall state that a draft copy of the proposed application |
|---|
| 135 | 135 | | 5.8to the department, together with all attachments and exhibits, shall be available for public |
|---|
| 136 | 136 | | 5.9inspection following the publication of the notice and shall specify the place and times |
|---|
| 137 | 137 | | 5.10where and when it will be so available. The governing body of the municipality or the |
|---|
| 138 | 138 | | 5.11redevelopment agency shall give all parties who appear at the hearing an opportunity to |
|---|
| 139 | 139 | | 5.12express their views with respect to the proposal to undertake and finance the project. |
|---|
| 140 | 140 | | 5.13Following the completion of the public hearing, the governing body of the municipality or |
|---|
| 141 | 141 | | 5.14redevelopment agency shall adopt a resolution determining whether or not to proceed with |
|---|
| 142 | 142 | | 5.15the project and its financing; it may thereafter apply to the department for approval of the |
|---|
| 143 | 143 | | 5.16project. |
|---|
| 144 | 144 | | 5.17 Sec. 7. Minnesota Statutes 2024, section 474A.091, subdivision 2, is amended to read: |
|---|
| 145 | 145 | | 5.18 Subd. 2.Application for residential rental projects.(a) Issuers may apply for an |
|---|
| 146 | 146 | | 5.19allocation for residential rental bonds under this section by submitting to the department an |
|---|
| 147 | 147 | | 5.20application on forms provided by the department accompanied by: |
|---|
| 148 | 148 | | 5.21 (1) a preliminary resolution; |
|---|
| 149 | 149 | | 5.22 (2) a statement of bond counsel that the proposed issue of obligations requires an |
|---|
| 150 | 150 | | 5.23allocation under this chapter and the Internal Revenue Code; |
|---|
| 151 | 151 | | 5.24 (3) an application deposit in the amount of two percent of the requested allocation; |
|---|
| 152 | 152 | | 5.25 (4) a sworn statement from the applicant identifying the project as a preservation project, |
|---|
| 153 | 153 | | 5.2630 percent AMI residential rental project, 50 percent AMI residential rental project, 100 |
|---|
| 154 | 154 | | 5.27percent LIHTC project, 20 percent LIHTC project, or any other residential rental project; |
|---|
| 155 | 155 | | 5.28and |
|---|
| 156 | 156 | | 5.29 (5) a certification from the applicant or its accountant stating that the requested allocation |
|---|
| 157 | 157 | | 5.30does not exceed the aggregate bond limitation. |
|---|
| 158 | 158 | | 5.31The issuer must pay the application deposit to the Department of Management and Budget. |
|---|
| 159 | 159 | | 5.32An entitlement issuer may not apply for an allocation for residential rental project bonds |
|---|
| 160 | 160 | | 5.33under this section unless it has either permanently issued bonds equal to the amount of its |
|---|
| 161 | 161 | | 5Sec. 7. |
|---|
| 162 | 162 | | 25-04802 as introduced03/13/25 REVISOR MS/DG 6.1entitlement allocation for the current year plus any amount carried forward from previous |
|---|
| 163 | 163 | | 6.2years or returned for reallocation all of its unused entitlement allocation. For purposes of |
|---|
| 164 | 164 | | 6.3this subdivision, its entitlement allocation includes an amount obtained under section |
|---|
| 165 | 165 | | 6.4474A.04, subdivision 6. |
|---|
| 166 | 166 | | 6.5 (b) An issuer that receives an allocation under this subdivision must permanently issue |
|---|
| 167 | 167 | | 6.6obligations equal to all or a portion of the allocation received on or before the earlier of: |
|---|
| 168 | 168 | | 6.7(1) 180 days of the allocation; or (2) the last business day of December. If an issuer that |
|---|
| 169 | 169 | | 6.8receives an allocation under this subdivision does not permanently issue obligations equal |
|---|
| 170 | 170 | | 6.9to all or a portion of the allocation received within the time period provided in this paragraph |
|---|
| 171 | 171 | | 6.10or returns the allocation to the commissioner, the amount of the allocation is canceled and |
|---|
| 172 | 172 | | 6.11returned for reallocation through the unified pool. |
|---|
| 173 | 173 | | 6.12 (c) The Minnesota Housing Finance Agency may apply for and receive an allocation |
|---|
| 174 | 174 | | 6.13under this section without submitting an application deposit. |
|---|
| 175 | 175 | | 6.14 Sec. 8. Minnesota Statutes 2024, section 474A.091, subdivision 2a, is amended to read: |
|---|
| 176 | 176 | | 6.15 Subd. 2a.Application for all other types of qualified bonds.(a) Issuers may apply |
|---|
| 177 | 177 | | 6.16for an allocation for all types of qualified bonds other than residential rental bonds under |
|---|
| 178 | 178 | | 6.17this section by submitting to the department an application on forms provided by the |
|---|
| 179 | 179 | | 6.18department accompanied by: |
|---|
| 180 | 180 | | 6.19 (1) a preliminary resolution; |
|---|
| 181 | 181 | | 6.20 (2) a statement of bond counsel that the proposed issue of obligations requires an |
|---|
| 182 | 182 | | 6.21allocation under this chapter and the Internal Revenue Code; |
|---|
| 183 | 183 | | 6.22 (3) the type of qualified bonds to be issued; |
|---|
| 184 | 184 | | 6.23 (4) an application deposit in the amount of two percent of the requested allocation; and |
|---|
| 185 | 185 | | 6.24 (5) a public purpose scoring worksheet for manufacturing and enterprise zone |
|---|
| 186 | 186 | | 6.25applications. |
|---|
| 187 | 187 | | 6.26The issuer must pay the application deposit to the Department of Management and Budget. |
|---|
| 188 | 188 | | 6.27An entitlement issuer may not apply for an allocation for public facility bonds or mortgage |
|---|
| 189 | 189 | | 6.28bonds under this section unless it has either permanently issued bonds equal to the amount |
|---|
| 190 | 190 | | 6.29of its entitlement allocation for the current year plus any amount carried forward from |
|---|
| 191 | 191 | | 6.30previous years or returned for reallocation all of its unused entitlement allocation. For |
|---|
| 192 | 192 | | 6.31purposes of this subdivision, an entitlement allocation includes an amount obtained under |
|---|
| 193 | 193 | | 6.32section 474A.04, subdivision 6. |
|---|
| 194 | 194 | | 6Sec. 8. |
|---|
| 195 | 195 | | 25-04802 as introduced03/13/25 REVISOR MS/DG 7.1 (b) An issuer that receives an allocation under this subdivision must permanently issue |
|---|
| 196 | 196 | | 7.2obligations equal to all or a portion of the allocation received on or before the earlier of: |
|---|
| 197 | 197 | | 7.3(1) 120 days of the allocation; or (2) the last business day of December. If an issuer that |
|---|
| 198 | 198 | | 7.4receives an allocation under this subdivision does not permanently issue obligations equal |
|---|
| 199 | 199 | | 7.5to all or a portion of the allocation received within the time period provided in this paragraph |
|---|
| 200 | 200 | | 7.6or returns the allocation to the commissioner, the amount of the allocation is canceled and |
|---|
| 201 | 201 | | 7.7returned for reallocation through the unified pool. |
|---|
| 202 | 202 | | 7.8 (c) Notwithstanding the restrictions imposed on entitlement issuers under this subdivision, |
|---|
| 203 | 203 | | 7.9the Minnesota Housing Finance Agency may not receive an allocation for mortgage bonds |
|---|
| 204 | 204 | | 7.10under this section prior to the first Monday in October, but may be awarded allocations for |
|---|
| 205 | 205 | | 7.11mortgage bonds from the unified pool on or after the first Monday in October. The Minnesota |
|---|
| 206 | 206 | | 7.12Housing Finance Agency, the Minnesota Office of Higher Education, and the Minnesota |
|---|
| 207 | 207 | | 7.13Rural Finance Authority may apply for and receive an allocation under this section without |
|---|
| 208 | 208 | | 7.14submitting an application deposit. |
|---|
| 209 | 209 | | 7.15 Sec. 9. Minnesota Statutes 2024, section 475.521, subdivision 2, is amended to read: |
|---|
| 210 | 210 | | 7.16 Subd. 2.Election requirement.(a) Bonds issued by a municipality to finance capital |
|---|
| 211 | 211 | | 7.17improvements under an approved capital improvements plan are not subject to the election |
|---|
| 212 | 212 | | 7.18requirements of section 475.58. The bonds must be approved by an affirmative vote of |
|---|
| 213 | 213 | | 7.19three-fifths of the members of a five-member governing body. In the case of a governing |
|---|
| 214 | 214 | | 7.20body having more or less than five members, the bonds must be approved by a vote of at |
|---|
| 215 | 215 | | 7.21least two-thirds of the members of the governing body. |
|---|
| 216 | 216 | | 7.22 (b) Before the issuance of bonds qualifying under this section, the municipality must |
|---|
| 217 | 217 | | 7.23publish a notice of its intention to issue the bonds and the date and time of the hearing to |
|---|
| 218 | 218 | | 7.24obtain public comment on the matter. The notice must be published in the official newspaper |
|---|
| 219 | 219 | | 7.25of the municipality or in a newspaper of general circulation in the municipality. Additionally, |
|---|
| 220 | 220 | | 7.26the notice may be posted on the official website, if any, of the municipality. The notice must |
|---|
| 221 | 221 | | 7.27be published at least 14 ten but not more than 28 days before the date of the hearing. |
|---|
| 222 | 222 | | 7.28 (c) A municipality may issue the bonds only after obtaining the approval of a majority |
|---|
| 223 | 223 | | 7.29of the voters voting on the question of issuing the obligations, if a petition requesting a vote |
|---|
| 224 | 224 | | 7.30on the issuance is signed by voters equal to five percent of the votes cast in the municipality |
|---|
| 225 | 225 | | 7.31in the last municipal general election and is filed with the clerk within 30 days after the |
|---|
| 226 | 226 | | 7.32public hearing. If the municipality elects not to submit the question to the voters, the |
|---|
| 227 | 227 | | 7.33municipality shall not propose the issuance of bonds under this section for the same purpose |
|---|
| 228 | 228 | | 7.34and in the same amount for a period of 365 days from the date of receipt of the petition. If |
|---|
| 229 | 229 | | 7Sec. 9. |
|---|
| 230 | 230 | | 25-04802 as introduced03/13/25 REVISOR MS/DG 8.1the question of issuing the bonds is submitted and not approved by the voters, the provisions |
|---|
| 231 | 231 | | 8.2of section 475.58, subdivision 1a, shall apply. |
|---|
| 232 | 232 | | 8.3 Sec. 10. Minnesota Statutes 2024, section 641.23, is amended to read: |
|---|
| 233 | 233 | | 8.4 641.23 FUNDS; HOW PROVIDED. |
|---|
| 234 | 234 | | 8.5 Before any contract is made for the erection of a county jail, sheriff's residence, or both |
|---|
| 235 | 235 | | 8.6sheriff's offices, law enforcement center, or courthouse or justice center attached to a county |
|---|
| 236 | 236 | | 8.7jail, the county board shall either levy a sufficient tax to provide the necessary funds, or |
|---|
| 237 | 237 | | 8.8issue county bonds therefor in accordance with the provisions of chapter 475, provided that |
|---|
| 238 | 238 | | 8.9no election is required if the amount of all bonds issued for this purpose and interest on |
|---|
| 239 | 239 | | 8.10them which are due and payable in any year does not exceed an amount equal to 0.09671 |
|---|
| 240 | 240 | | 8.11percent of estimated market value of taxable property within the county, as last determined |
|---|
| 241 | 241 | | 8.12before the bonds are issued. |
|---|
| 242 | 242 | | 8Sec. 10. |
|---|
| 243 | 243 | | 25-04802 as introduced03/13/25 REVISOR MS/DG |
|---|