SF 945

Introduction - 81st Legislature (1999 - 2000)

Posted on 12/15/2009 12:00 a.m.

  1.1                          A bill for an act 
  1.2             relating to the city of Columbia Heights; authorizing 
  1.3             certain expenditures from certain tax increment 
  1.4             financing districts. 
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  [ORIGINAL LOCAL TAX RATE RELEASED.] 
  1.7      The provisions of Minnesota Statutes, section 469.177, 
  1.8   subdivision 1a, do not apply to tax increment financing district 
  1.9   numbers K2 (MURP), M8 (Sheffield), N7 (53rd Avenue) and P3/P4 
  1.10  (Housing TIF No. 1) in the city of Columbia Heights. 
  1.11     Sec. 2.  [LIMITATIONS.] 
  1.12     Tax increment attributable to any increase in the actual 
  1.13  local tax rate in any year over the original local tax rate 
  1.14  previously certified by Anoka county for the tax increment 
  1.15  financing districts referenced in section 1, must be used solely 
  1.16  to pay principal of and interest on any outstanding obligations, 
  1.17  after application of the amounts authorized to be spent under 
  1.18  section 3. 
  1.19     Sec. 3.  [POOLING PERMITTED.] 
  1.20     Notwithstanding any other law to the contrary, tax 
  1.21  increments from any tax increment financing district in the city 
  1.22  may be used to pay principal of and interest on outstanding 
  1.23  obligations, the proceeds of which were used to finance 
  1.24  activities located outside the boundaries of the district.  The 
  1.25  amount qualifying under this section to be spent outside the 
  2.1   district is limited to an amount necessary to make payments on 
  2.2   outstanding obligations after application of tax increments 
  2.3   originally pledged to pay such outstanding obligations. 
  2.4      Sec. 4.  [DEFINITIONS.] 
  2.5      For the purposes of this section, the term "outstanding 
  2.6   obligations" means any general obligation bonds issued by the 
  2.7   city of Columbia Heights or any development authority controlled 
  2.8   by the city, that were issued before January 1, 1999, and were 
  2.9   secured in whole or in part with tax increment from any tax 
  2.10  increment financing district in the city. 
  2.11     Sec. 5.  [EFFECTIVE DATE.] 
  2.12     Sections 1 to 4 are effective upon local approval in 
  2.13  compliance with the requirements of Minnesota Statutes, section 
  2.14  645.021; and sections 1 and 2 apply for taxes payable in 2000 
  2.15  and thereafter.