HF 2498

CHAPTER 152
EFFECTIVE DATE: Various

Public finance and tax increment financing provisions modified, purchases authorized, international economic development zone provided, tax incentives established, and money appropriated.

ARTICLE 1 -- PUBLIC FINANCE

Section 1: City of St. Paul data provided.
Sec. 2: Guaranteed investment contracts modified.
Sec. 3: "Special levies" definition modified.
Sec. 4: Taconite environmental protection fund approved projects modified.
Sec. 5: Property acquisition and appropriation regulations modified.
Sec. 6: Capital notes modified.
Sec. 7: Related term definitions modified.
Sec. 8: Capital note issuance effective date specified.
Sec. 9: Equipment financing purchase regulations modified.
Sec. 10: Special service district deadline specified.
Sec. 11: Housing improvement district deadline modified.
Sec. 12: Street or road improvements outside municipal boundaries regulated.
Sec. 13: Utility joint ventures authorized in specified instances.
Sec. 14: Competitive bidding requirement exceptions expanded.
Sec. 15: General obligation revenue bonds sold for elderly housing regulated.
Sec. 16: Bond issuance manner modified.
Sec. 17: Abatement duration limit extended.
Sec. 18: Debt reserve and levy regulations modified.
Sec. 19: Obligations modified.
Sec. 20: Investment income uses modified.
Sec. 21: Public facilities pool allocation increased.
Sec. 22: Issuance notice deadline specified.
Sec. 23: "Net Debt" definition modified.
Sec. 24: Semi colon added.
Sec. 25: Semi colon added.
Sec. 26: Semi colon added.
Sec. 27: "Capital improvement" and "municipality" definitions modified.
Sec. 28: Election requirements modified.
Sec. 29: Capital improvement plan clarified.
Sec. 30: Account limitations provided.
Sec. 31: Street reconstruction modified.
Sec. 32: Levy adjustments for aid decreases provided.
Sec. 33: Technical law references added to taconite production tax revenue bond payment regulations.
Sec. 34: Tax levy authority regulations modified.
Sec. 35: Bemidji tax abatement duration extention provided.
Sec. 36: White city obligations authorized.
Sec. 37: Sauk river watershed district regulations modified.
Sec. 38: St. Paul rivercentre complex operation regulations established.
Sec. 39: Iron range resources and rehabilitation commissioner specified.
Sec. 40: Crow wing county sewer district pilot project established.
Sec. 41: White Bear lake payments required.
Sec. 42: Application of certain sections specified.
Sec. 43: Repealer.
Sec. 44: Effective date.

ARTICLE 2 -- TAX INCREMENT FINANCING

Section 1: Local match requirement specified.
Sec. 2: Job opportunity building zone property regulated.
Sec. 3: Effective date for exemption specified.
Sec. 4: Exemption limits detailed.
Sec. 5: Housing district definition modified.
Sec. 6: "Increment," "tax increment," and related term definitions modified.
Sec. 7: Tax increment financing plan clarified.
Sec. 8: Comment and filing consultations modified.
Sec. 9: State filing plan modified.
Sec. 10: Annual disclosure modified.
Sec. 11: Annual financial reporting regulations modified.
Sec. 12: Excess increments modified.
Sec. 13: Housing district revenue usage regulations modified.
Sec. 14: Requirement imposition modified relating to housing district qualifications.
Sec. 15: Rental property applicability clarified.
Sec. 16: Expenditures outside district regulations modified.
Sec. 17: Deficit pooling authorization modified.
Sec. 18: Original net tax capacity regulations modified.
Sec. 19: Payment disposition effective date specified.
Sec. 20: Effective date provided for general tax provision.
Sec. 21: District duration regulations modified.
Sec. 22: Extension of time to expend tax increment provided.
Sec. 23: Fairmont abatement authority established.
Sec. 24: Wabasha tax increment financing district established.
Sec. 25: Richfield tax increment financing district established.
Sec. 26: Mounds View tax increment financing district established.
Sec. 27: Mounds View state interest in real property conveyance provided.
Sec. 28: St. Paul housing and redevelopment authority subdistrict establishement provided.
Sec. 29: Brooklyn Park tax increment financing district extension provided.
Sec. 30: Fergus Falls economic development property applicability provided.
Sec. 31: Repealer.

AME
8-22-05