DEFINITIONS.

§ Subdivision 1. Terms. For the purposes of sections 471.71 to 471.83 the terms defined in this section shall have the meanings ascribed to them unless the context otherwise requires. § Subd. 2. Municipality. "Municipality" includes cities, towns, and school districts. § Subd. 3. City, town, school district. "City," "town," or "school district" include only those of the class made subject to sections 471.71 to 471.83 by sections 471.72 and 471.73 . § Subd. 4. Unfunded indebtedness. "Unfunded indebtedness" includes all general obligations and indebtedness except bonds and except indebtedness which is payable from special assessments against benefited property. § Subd. 5. Year. "Year" means calendar year, except that it means "fiscal year" in the case of any school district or city as to which both of the following conditions exist: (1) in the case of a city, the charter or law under which it is organized provides for a fiscal year differing from the calendar year; in the case of a school district, the books of account are kept on the basis of a fiscal year differing from the calendar year; (2) the governing body of such city or school district shall have adopted a resolution determining that its operation under sections 471.71 to 471.83 shall be on the basis of such fiscal year and giving the date of the beginning of that year.