2025 Session
Last amended: 1981 session
§ 462C.10 — Official Action Exception
Plain-Language Summary
Specifies additional powers cities have in connection with housing finance programs, including the ability to make agreements, charge fees, and take other actions necessary to carry out the program.
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) may be issued without regard to the restrictions of section 462C.07, subdivision 2, except that for the purpose of subsequent bond issues, the exempted issues shall count against the cap provided in section 462C.07, subdivision 2.
History:
History: History:
1981 c 306 s 18
Practical Notes
These broad powers give cities flexibility in designing and operating housing programs, but all actions must be consistent with the overall statutory framework.