HF 567

as introduced - 83rd Legislature (2003 - 2004) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to the city of Detroit Lakes; authorizing 
  1.3             pooling of tax increments to meet certain debt service 
  1.4             obligations of a tax increment financing district. 
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  [CITY OF DETROIT LAKES.] 
  1.7      Notwithstanding limitations on the amount of increment that 
  1.8   may be pooled to eliminate a deficit under Minnesota Statutes, 
  1.9   section 469.1763, subdivision 6, the city of Detroit Lakes may 
  1.10  transfer available increments from any of its tax increment 
  1.11  financing districts to TIF District 21-1 to be used to eliminate 
  1.12  a deficit in the increment generated by TIF District 21-1 that 
  1.13  is required to pay debt service on obligations issued for the 
  1.14  district.  The authority under this section applies to deficits 
  1.15  occurring in 2000 and subsequent years.  
  1.16     [EFFECTIVE DATE.] This section is effective upon approval 
  1.17  by the governing body of Detroit Lakes and compliance with 
  1.18  Minnesota Statutes, section 645.021.