Minnesota Statutes 365.025 – Contracts; Time Payments; Petition On Big Buys
Subdivision 1.Board makes contracts.
Notwithstanding other law, a town board may enter into any contract it considers necessary or desirable to use any town power.
Subd. 2.May buy over five years.
Terms Used In Minnesota Statutes 365.025
- Contract: A legal written agreement that becomes binding when signed.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- estimated market value: has the meaning given in section 273. See Minnesota Statutes 645.44
- Majority: means with respect to an individual the period of time after the individual reaches the age of 18. See Minnesota Statutes 645.451
- Personal property: All property that is not real property.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
Terms Used In Minnesota Statutes 365.025
- Contract: A legal written agreement that becomes binding when signed.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- estimated market value: has the meaning given in section 273. See Minnesota Statutes 645.44
- Majority: means with respect to an individual the period of time after the individual reaches the age of 18. See Minnesota Statutes 645.451
- Personal property: All property that is not real property.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
The town may buy personal property on a conditional sales contract and real property on a contract for deed. The town must pay for the property within five years.
Subd. 3.Seller’s remedy: recover property.
The seller’s only remedy for nonpayment on a contract entered into under subdivision 2 is recovery of the property.
Subd. 4.Major purchases: notice, petition, election.
Before buying anything under subdivision 2 that costs more than 0.24177 percent of the estimated market value of the town, the town must follow this subdivision.
The town must publish in its official newspaper the board’s resolution to pay for the property over time. Then a petition for an election on the contract may be filed with the clerk. The petition must be filed within ten days after the resolution is published. To require the election the petition must be signed by a number of voters equal to ten percent of the voters at the last regular town election. The contract then must be approved by a majority of those voting on the question. The question may be voted on at a regular or special election.