SF 2302

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 South St. Paul; authorizing 
  1.3             the expenditure of tax increments to pay debt service 
  1.4             on certain refunding bonds. 
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  [SOUTH ST. PAUL; EXPENDITURE OF TAX 
  1.7   INCREMENTS.] 
  1.8      Notwithstanding the provisions of Minnesota Statutes, 
  1.9   section 469.176, subdivision 1c, the city of South St. Paul may 
  1.10  expend tax increments derived from the Concord street 
  1.11  redevelopment tax increment financing district to pay debt 
  1.12  service on or defease general obligation tax increment bonds 
  1.13  issued to refund tax increment bonds of the city issued before 
  1.14  April 1, 1990, provided the average maturity of the refunding 
  1.15  bonds does not exceed the average maturity of the refunded bonds 
  1.16  by more than two years. 
  1.17     Sec. 2.  [EFFECTIVE DATE.] 
  1.18     Section 1 is effective upon compliance by the South St. 
  1.19  Paul city council with Minnesota Statutes, section 645.021, 
  1.20  subdivision 2.