1.1 	A bill for an act
1.2 	relating to taxation; property; extending the fiscal
1.3 	disparities Bloomington repayment by eight additional
1.4 	years; amending Minnesota Statutes 2004, section
1.5 	473F.08, subdivision 3a.
1.6 	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

1.7 	Section 1. Minnesota Statutes 2004, section 473F.08,
1.8 	subdivision 3a, is amended to read:
1.9 		Subd. 3a.Bloomington computation.  Beginning in 1987 and
1.10 	each subsequent year through 1998, the city of Bloomington shall
1.11 	determine the interest payments for that year for the bonds
1.12 	which have been sold for the highway improvements pursuant to
1.13 	Laws 1986, chapter 391, section 2, paragraph (g).  Effective for
1.14 	property taxes payable in 1988 through property taxes payable in
1.15 	1999, after the Hennepin County auditor has computed the
1.16 	areawide portion of the levy for the city of Bloomington
1.17 	pursuant to subdivision 3, clause (a), the auditor shall
1.18 	annually add a dollar amount to the city of Bloomington's
1.19 	areawide portion of the levy equal to the amount which has been
1.20 	certified to the auditor by the city of Bloomington for the
1.21 	interest payments for that year for the bonds which were sold
1.22 	for highway improvements.  The total areawide portion of the
1.23 	levy for the city of Bloomington including the additional amount
1.24 	for interest repayment certified pursuant to this subdivision
1.25 	shall be certified by the Hennepin County auditor to the
2.1 	administrative auditor pursuant to subdivision 5.  The Hennepin
2.2 	County auditor shall distribute to the city of Bloomington the
2.3 	additional areawide portion of the levy computed pursuant to
2.4 	this subdivision at the same time that payments are made to the
2.5 	other counties pursuant to subdivision 7a.  For property taxes
2.6 	payable from the year 2006 2014 through 2015 2023, the Hennepin
2.7 	County auditor shall adjust Bloomington's contribution to the
2.8 	areawide gross tax capacity upward each year by a value equal to
2.9 	ten percent of the total additional areawide levy distributed to
2.10 	Bloomington under this subdivision from 1988 to 1999, divided by
2.11 	the areawide tax rate for taxes payable in the previous year.
2.12 	
EFFECTIVE DATE. This section is effective the day
2.13 	following final enactment.