MN SF3097

Drainage lien interest rates set by a board may not exceed the rate determined by the state court administrator for judgments under section 549.09, or six percent, whichever is greater.

Interest on unpaid drainage lien principal is computed from the date the lien is recorded to August 15 of the next calendar year, then annually from August 15 to August 15.

Interest becomes due and payable after November 1 each year the drainage lien principal or interest remains unpaid.

Updated municipal bankruptcy code reference from December 31, 1996 to current United States Code, title 11 as amended.

Clarified definition of "municipality" in capital improvement bond provisions to mean a home rule charter or statutory city or a town under section 368.01, subdivision 1 or 1a.