Minnesota Statutes Local Government Police Powers (Ch. 460-463) § 462C.10. Official action exception

Bonds or other obligations which were approved by official action of a city before April 25, 1979, and exempted from the provisions of the Mortgage Subsidy Bond Tax Act of 1980,Public Law 96-499, pursuant to section 1104(b)  1may be issued without regard to the restrictions ofsection 462C.07, subdivision 2, except that for the purpose of subsequent bond issues, the exempted issues shall count against the cap provided insection 462C.07, subdivision 2.