Subdivision 1.Terms.

For the purposes of sections 471.71 to 471.83 the terms defined in this section shall have the meanings ascribed to them unless the context otherwise requires.

Subd. 2.Municipality.

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Terms Used In Minnesota Statutes 471.71

  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.

“Municipality” includes cities, towns, and school districts.

Subd. 3.City, town, school district.

“City,” “town,” or “school district” include only those of the class made subject to sections 471.71 to 471.83 by sections 471.72 and 471.73.

Subd. 4.Unfunded indebtedness.

“Unfunded indebtedness” includes all general obligations and indebtedness except bonds and except indebtedness which is payable from special assessments against benefited property.

Subd. 5.Year.

“Year” means calendar year, except that it means “fiscal year” in the case of any school district or city as to which both of the following conditions exist:

(1) in the case of a city, the charter or law under which it is organized provides for a fiscal year differing from the calendar year; in the case of a school district, the books of account are kept on the basis of a fiscal year differing from the calendar year;

(2) the governing body of such city or school district shall have adopted a resolution determining that its operation under sections 471.71 to 471.83 shall be on the basis of such fiscal year and giving the date of the beginning of that year.