HF 1574

as introduced - 79th Legislature (1995 - 1996) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to the city of Hopkins; modifying a tax 
  1.3             increment financing district. 
  1.4   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.5      Section 1.  [CITY OF HOPKINS; TAX INCREMENT DISTRICT.] 
  1.6      Notwithstanding the provisions of Minnesota Statutes, 
  1.7   section 469.176, subdivision 1c, tax increment collected by the 
  1.8   housing and redevelopment authority in and for the city of 
  1.9   Hopkins from tax increment financing district no. 1-1 may be 
  1.10  expended by the authority or the city of Hopkins to pay or 
  1.11  defease (1) bonds or obligations issued within two years after 
  1.12  the effective date of this act, or (2) bonds issued to refund 
  1.13  the principal of the outstanding bonds and pay associated 
  1.14  issuance costs, provided the average maturity of the refunding 
  1.15  bonds does not exceed the bonds refunded.  Tax increment from 
  1.16  district no. 1-1 will not be paid to the authority after August 
  1.17  1, 2009. 
  1.18     Sec. 2.  [EFFECTIVE DATE; LOCAL APPROVAL.] 
  1.19     Section 1 is effective the day after the governing body of 
  1.20  the city of Hopkins complies with Minnesota Statutes, section 
  1.21  645.021, subdivision 3.