Minnesota Statutes 465.05 – Tax Levy to Pay Interest
Current as of: 2023 | Check for updates
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When a city accepts a gift or donation under section 465.04, the governing body of the city may enter into a written contract for the payment of interest as provided under section 465.04. The city council shall annually levy a tax sufficient to pay the obligation incurred under the contract at the time other taxes are levied.
Terms Used In Minnesota Statutes 465.05
- Contract: A legal written agreement that becomes binding when signed.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- 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