HF 726

as introduced - 87th Legislature (2011 - 2012) Posted on 02/28/2011 09:49am

A bill for an act
relating to taxation; authorizing the use of tax increments to repay the city of
Cohasset for certain payments.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1. new text begin CITY OF COHASSET; USE OF TAX INCREMENTS.
new text end

new text begin The authority operating tax increment financing districts No. 2-1 and No. 3-1 in
the city of Cohasset may transfer tax increments from each of those districts to the city
in an amount equal to the advances made by the city from its general fund to finance
expenditures under Minnesota Statutes, section 469.176, subdivision 4, for the benefit
of that district.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment,
upon approval by the governing body of the city of Cohasset and compliance with
Minnesota Statutes, section 645.021, subdivision 3.
new text end