The full faith and credit of the issuing city must at all times be pledged to pay bonds issued under sections 458.36 to 458.40, and to pay the current interest on them. The city’s council shall each year include in its tax levy a sufficient amount to pay the interest as it accrues.

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Terms Used In Minnesota Statutes 458.37

  • Tax: means any fee, charge, exaction, or assessment imposed by a governmental entity on an individual, person, entity, transaction, good, service, or other thing. See Minnesota Statutes 645.44

A tax levy need not be made if the quarry and dock fund described in section 458.39 contains enough money to make the payment.