CCRes_85-23 - Laserfiche WebLink

Home Browse Search

' excess of amounts which under the applicable federal arbitrage regulations may be invested without regard as to yield shall • not be invested at a yield in excess of the applicable yield restrictions imposed by said arbitrage regulations on such investments after taking into account any applicable "temporary periods" made available under the federal arbitrage regulations. In addition, money in the Account shall not be invested in obligations or deposits issued by, guaranteed by or insured by the United States or any agency or instrumentality thereof if and to the extent that such investment would cause the Bonds to be "federally guaranteed" within the meaning of_ Section 103(h) of the Internal Revenue Code of 1954, as amended. 17. The County Auditor of Ramsey County has certified the original assessed value (as defined in Minnesota Statutes, Section 273.73, Subdivision 7) of property in the Tax Increment District as of January 1, 1984 is $ ~ The County Auditor shall determine in each year if the then current assessed value of property in the Tax Increment District exceeds the original assessed value, and shall calculate, in the manner provided in Minnesota Statutes, Section 273.76, Subdivision 3, the captured assessed value (as defined therein) attributable to the Tax Increment District. The City hereby determines to retain 100$ of the captured assessed value for purposes of tax increment financing. The County Auditor shall, in each such year, compute the mill rates to be extended against the captured • assessed value in the manner provided in Minnesota Statutes, Section 273.76, Subdivision 3, and the tax generated thereby shall constitute the Tax Increments for the year in which it is received. The County Treasurer will remit to the City the Tax Increments so received until the cost of the Project, including principal of the interest on the Bonds, has been paid and the City has been fully reimbursed for any principal of and interest on the Bonds which have been paid from any taxes levied. The City hereby appropriates the Tax Increments to the Debt Service Account,. which appropriation shall continue ~intil all of the Bonds, and any additional bonds payable from the Debt Service Account, are paid or discharged. The City hereby expressly reserves the right to use the Tax Increments to finance costs set forth in the Plan not financed hereby or to finance costs of other projects to be undertaken from time to time within the Development District in accordance with the Program and the Plan as may from time to time be amended. 17 •