§ 424.10. Findings.  


Latest version.
  • (a) Pursuant to Minnesota Laws of 1980, Chapter 595, Section 3, the city has adopted an ordinance establishing a limited tax pledge to secure certain bonds of the Minneapolis Community Development Agency (the "agency"). Such common fund bonds (as defined in Resolution No. 82-512 of the agency, as amended and as defined in Resolution No. 92-815M of the agency, as amended, and herein, the "Basic Resolutions") have been issued by the agency pursuant to the Basic Resolutions.

    (b)

    Pursuant to the authority of 2003 Minnesota Laws, Chapter 127, Article 12, Sections 31-34, and chapter 415 of the Minneapolis Code of Ordinances, the city has, effective January 1, 2004, assumed the obligations of the agency with respect to the common fund bonds, the Basic Resolutions and related resolutions and instruments. It is the city's intention to continue to issue common fund bonds.

    (c)

    The city has determined that it is in the public interest to continue to enhance the security and marketability of common fund bonds by making available the city's taxing power in the limited manner set forth in this chapter for said purpose, thereby achieving the public purposes of the city and preserving the credit of the city. (87-Or-084, 5-22-87; 90-Or-096, § 1, 4-13-90; 92-Or-052, § 1, 4-24-92; 2001-Or-093, § 1, 8-10-01; 2004-Or-001, § 1, 1-16-04)