(A) The Council may, by resolution adopted prior to the sale of any temporary improvement bonds, pledge the full faith, credit and taxing power of the municipality for the payment of the principal and interest, in addition to all provisions made for their security in § 37.087(C) of this chapter. In this event, the bonds shall be designated as general obligation temporary improvement bonds, and the Council shall levy taxes for their payment in accordance with M.S. § 475.61, as it may be amended from time to time.
(B) Proceeds of improvement bonds or temporary improvement bonds not yet sold may be treated as pledged revenues, in reduction of the tax otherwise required by M.S. § 475.61, as it may be amended from time to time, to be levied prior to delivery of the obligations.
(Prior Code, § 202.19)