SF 1763

as introduced - 81st Legislature (1999 - 2000) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to metropolitan area transit; providing for 
  1.3             the annual financing of metropolitan area transit and 
  1.4             paratransit capital expenditures; amending Minnesota 
  1.5             Statutes 1998, section 473.39, by adding a subdivision.
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  Minnesota Statutes 1998, section 473.39, is 
  1.8   amended by adding a subdivision to read: 
  1.9      Subd. 1g.  [OBLIGATIONS.] After June 30, 2001, in addition 
  1.10  to the authority in subdivisions 1a, 1b, 1c, 1d, and 1e, the 
  1.11  council may issue certificates of indebtedness, bonds, or other 
  1.12  obligations under this section for capital expenditures as 
  1.13  prescribed in the council's transit capital improvement program 
  1.14  and for related costs, including the costs of issuance and sale 
  1.15  of the obligations.  The amount of the obligations issued under 
  1.16  this subdivision in any calendar year must not exceed the 
  1.17  following limit, except as provided in this subdivision: 
  1.18     (1) for calendar year 2002, the limit is $27,000,000; and 
  1.19     (2) for each later calendar year, the limit equals the 
  1.20  previous calendar year's limit calculated under this subdivision 
  1.21  multiplied by an index for market valuation changes equal to the 
  1.22  total market valuation of all taxable property located within 
  1.23  the transit taxing district for the current taxes payable year 
  1.24  divided by the total market valuation of all taxable property 
  1.25  located within the transit taxing district for the previous 
  2.1   taxes payable year.  For any calendar year in which the council 
  2.2   does not issue obligations totaling the limit calculated under 
  2.3   this subdivision, the remaining available amount may be carried 
  2.4   forward to subsequent calendar years.  The council may issue 
  2.5   obligations in a carry-forward calendar year in an amount 
  2.6   exceeding the annual limit for that calendar year by the amount 
  2.7   carried forward, but the amount carried forward is not a 
  2.8   permanent increase in the annual limit calculated under this 
  2.9   subdivision. 
  2.10     For the purposes of this subdivision, "total market 
  2.11  valuation" means the total market valuation of all taxable 
  2.12  property within the transit taxing district without valuation 
  2.13  adjustments for fiscal disparities under chapter 473F, tax 
  2.14  increment financing under sections 469.174 to 469.179, and high 
  2.15  voltage transmission lines under section 273.425.  "Transit 
  2.16  taxing district" means the transit taxing district established 
  2.17  in section 473.446. 
  2.18     Sec. 2.  [APPLICATION.] 
  2.19     Section 1 applies in the counties of Anoka, Carver, Dakota, 
  2.20  Hennepin, Ramsey, Scott, and Washington.