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RELEVANT LINKS: <br />Minn. Stat. § 471.70. <br />Office of the State Auditor: <br />Report of Outstanding <br />Indebtedness (Excel <br />spreadsheet format or Adobe <br />Acrobat form). <br />Minn. Stat. § 475.755. <br />Minn. Stat. § 475.754. <br />Minn. Stat. § 412.301. <br />Minn. Stat. § 410.32. <br />Minn. Stat. § 475.755. <br />Minn. Stat. § 475.61. <br />Handbook Chapter 24. <br />Minn. Stat. §475.58, subd. <br />1(11). <br />Minn. Stat. § 275.70, subd. 5 <br />(2)• <br />Minn. Stat. § 475.61. <br />Minn. Stat. § 412.301. <br />Minn. Stat. § 410.32. <br />Handbook Chapter 24. <br />C. Culture -recreation <br />Document all expenditures for city organized cultural and recreational <br />activities. Examples include city expenditures for libraries, lifeguards, <br />community centers, senior citizen centers, park supervision, park lighting <br />and trails. <br />D. Conservation of natural resources <br />This category covers all expenditures for the conservation and development <br />of natural resources, for example shade tree programs and the staff time <br />taken to provide such programs. <br />E. Debt service <br />Cities have no authority to borrow money from banks or financial <br />institutions. Instead, cities issue debt, or bonds, to finance public <br />infrastructure improvements. Each year, councils and staff must keep track <br />of the amount of debt issued, and payments of bond principal, interest and <br />all associated costs. Cities must also document costs of issuing bonds and <br />payments to fiscal agents working with a city on bonds in this category. <br />Cities may budget for the use of certificates of indebtedness in a variety of <br />circumstances. If the income of a city is reasonably expected to be reduced <br />below the amount anticipated in its budget when the final property tax levy <br />was certified, and those receipts are insufficient to meet the expenses <br />incurred or to be incurred during the fiscal year, a city can issue certificates <br />of indebtedness to mature within two years or less from the end of that fiscal <br />year. The certificates must be repaid by a levy that, according to the <br />Department of Revenue, is not subject to or included in a city's levy limit (if <br />any levy limits are in place). The maximum amount the certificates may be <br />issued for in a fiscal year is the expected reduction and the costs of issuance. <br />Cities may issue short-term certificates of indebtedness to make up for an <br />expected reduction in revenue from the amount the city was scheduled to <br />receive when it certified and budgeted for its levy. <br />Cities may issue certificates of indebtedness for capital equipment. These <br />certificates are general obligations requiring the 105 percent over -levy and <br />are subject to the debt limit, but none of the other provisions of bonding law <br />applies. A reverse referendum procedure is contained in the statute if the <br />amount of the certificates exceeds 0.025 percent (one-quarter of 1 percent) <br />of the estimated market value of taxable property in the city. <br />League of Minnesota Cities Handbook for Minnesota Cities 10/15/2015 <br />Municipal Budgeting Chapter 211 Page 21 <br />