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Senate Counsel, Research and Fiscal Analysis
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Minnesota Senate Bldg.
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95 University Avenue W. Suite 3300
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St. Paul, MN 55155
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(651) 296-4791
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Alexis C. Stangl
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Director
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Senate
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State of Minnesota
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S.F. No. 1182 - Authority to Issue Obligations for Bituminous Overlays
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Author:
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Senator Tom Saxhaug
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Prepared By:
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Alexis C. Stangl, Senate Counsel (651/296-4397)
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Date:
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March 12, 2013
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S.F. No. 1182 allows municipalities to issue and sell obligations for bituminous overlays in the same manner as allowed by current law for street reconstruction. This process allows a municipality to issue and sell obligations if the specified conditions are met, including a public hearing. No election is required to issue and sell the obligations unless a petition is submitted pursuant to the requirements of the subdivision requesting the issue be put before the voters. Obligations issued pursuant to the bill are subject to the debt limit of the municipality and are not excluded from net debt.
ACS/syl
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Last review or update: 03/12/2013
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