Minnesota § 447.35 - BONDS

§ 447.35. BONDS

A hospital district may borrow money by the issuance of its general obligation bonds:

(1) to acquire and better hospital and nursing home facilities including the provision of an adequate working capital for a new hospital or nursing home;

(2) for ambulances and related equipment;

(3) for refunding its outstanding bonds; and

(4) for funding valid outstanding orders.

Bonds must be issued by the procedure and subject to the limitations and conditions in chapter 475 for the issuance of bonds by municipalities. Except for revenue bonds issued under sections 447.45 to 447.50, no bonds of a hospital district are excluded from its net debt by virtue of section 475.51, subdivision 4, clause (5). Except as authorized by special law, the taxes initially levied by any district in accordance with section 475.61, for the payment of its bonds, upon property within each municipality included in the hospital district, must be included in computing the levy of the municipality; but nothing here limits the taxes required by section 475.74, to be levied by the district for payment of any deficiency in its bond sinking funds. An election is required before the issuance of all bonds except funding or refunding bonds. The proposition submitted at the election must be whether the hospital board shall be authorized to issue bonds of the district in a specified maximum amount, for the purpose of financing the acquisition and betterment of hospital and nursing home facilities, or of facilities of other stated types if it is not proposed to use the bond proceeds for hospital and nursing home facilities. Bonds issued by a hospital district do not constitute indebtedness for any purpose of any county, city, or town whose territory is included in the district.

History:

1959 c 570 s 5; 1969 c 333 s 4; 1973 c 123 art 5 s 7; 1978 c 609 s 1; 1Sp1981 c 4 art 1 s 169; 1983 c 213 s 12; 1987 c 229 art 10 s 1; 1Sp1989 c 1 art 5 s 33

Official Publication of the State of Minnesota
Revisor of Statutes