HF 1867

as introduced - 84th Legislature (2005 - 2006) Posted on 12/15/2009 12:00am

A bill for an act
relating to taxation; property; extending the fiscal
disparities Bloomington repayment by eight additional
years; amending Minnesota Statutes 2004, section
473F.08, subdivision 3a.

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

Section 1.

Minnesota Statutes 2004, section 473F.08,
subdivision 3a, is amended to read:

Subd. 3a.

Bloomington computation.

Beginning in 1987 and
each subsequent year through 1998, the city of Bloomington shall
determine the interest payments for that year for the bonds
which have been sold for the highway improvements pursuant to
Laws 1986, chapter 391, section 2, paragraph (g). Effective for
property taxes payable in 1988 through property taxes payable in
1999, after the Hennepin County auditor has computed the
areawide portion of the levy for the city of Bloomington
pursuant to subdivision 3, clause (a), the auditor shall
annually add a dollar amount to the city of Bloomington's
areawide portion of the levy equal to the amount which has been
certified to the auditor by the city of Bloomington for the
interest payments for that year for the bonds which were sold
for highway improvements. The total areawide portion of the
levy for the city of Bloomington including the additional amount
for interest repayment certified pursuant to this subdivision
shall be certified by the Hennepin County auditor to the
administrative auditor pursuant to subdivision 5. The Hennepin
County auditor shall distribute to the city of Bloomington the
additional areawide portion of the levy computed pursuant to
this subdivision at the same time that payments are made to the
other counties pursuant to subdivision 7a. For property taxes
payable from the year deleted text begin 2006 deleted text end new text begin 2014 new text end through deleted text begin 2015 deleted text end new text begin 2023 new text end , the Hennepin
County auditor shall adjust Bloomington's contribution to the
areawide gross tax capacity upward each year by a value equal to
ten percent of the total additional areawide levy distributed to
Bloomington under this subdivision from 1988 to 1999, divided by
the areawide tax rate for taxes payable in the previous year.

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day
following final enactment.
new text end