07-09-08 Council Agenda - Laserfiche WebLink

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23.3 (g) The joint powers board or any regional railroad authority wholly within the 23.4 metropolitan transportation area also may authorize issue, and sell its bonds, notes, or 23.5 other obligations for the purposes, and in accordance with the procedures, set forth in 23.5 section 398A 07 to fund • rants as provided in subdivision 6. The bonds of any regional 23.7 railroad authority may be limited obligations payable solel from or secured b taxes 23.0 levied under this section. Aregional railroad authority may also pledge its taxing powers 23.9 as additional security for the bonds. 23.10 Subd. 8. Allocation of revenues. After the deductions allowed in section 297A.99, 23.11 subdivision 11, the commissioner of revenue shall remit the proceeds of the taxes imposed 23:12 under this section on a monthly basis; as directed by the joint powers board under this 23.13 section. 23.14 Subd. 9. Administration, collection, enforcement. Except as otherwise provided 231s in this section, the .rovisions of section 297A.99 subdivisions 4 and 6 to 12a •overn the 23.16 administration, collection, and enforcement of the tax authorized under this section. 23.17 Subd.10. Termination o€ taxes. (a) The taxes imposed under section297A.99, 23.10 subdivision 1, by county that withdraws from the joint powers agreement pursuant to 23'.19 subdivision 3, clause (3), shall terminate when the county has satisfied its portion, as 23.20 defined in the joint powers agreeinent, of all outstanding bonds or obligations entered into 29.21 while the county was a member of the agreement. 23.22 (b) If the joint powers agreement under subdivision 3 is terminated, the taxes 23.23 imposed under section 297A.99, subdivision 1, at the time of the agreement tertnination 23:24 will terminate when all outstanding bonds or obligations are satisfied. The auditors of the 23.25 counties in which the taxes are imposed shall see to the administration of this paragraph. 23.25 Subd. 11. Report. The joint powers board shall' report annually by February 1 to the 23.27 house of representatives and senate committees having jurisdiction over transportation 23.29 policy and finance concerning the revenues received and grants awarded. 23.29 Subd. 12. Grant awards to Metropolitan Council. Any grant award under this 23.30 section made to the Metropolitan Council must supplement, and must not supplant, 23.:31 operating and capital assistance provided by the state. 23.32 EFFECTIVE DATE.This section is effective the follovvin, final enactment 23.33 except that subdivision 2 is effective: the first day of a calendar quarter beginning at. least 23:.34 90 days after the formation of the joint powers board under subdivision 4. This section 23.35 expires October 2, 2008, if the sales and use tax under subdivision 2 has not been imposed. 4 .