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S.F No. 73, as introduced <br />I =` <br />Minnesota Senate <br />Page 1 of 2 <br />Legislature Home 1 Search 1 Help 1 Links to the World <br />Senate' ;l] Legisfaton &,15111 Statues jti taws, ` Statutes & Ruies,1 Joint Deists- & Commissionst <br />KEY: ctrickcn - old language to be removed <br />underscored = new language to be added <br />NOTE: If you cannot see any difference in the key above, you need to change the display of stricken <br />and /or underscored language. <br />Authors and Status • List versions <br />S.F No. 73, as introduced: 82nd Legislative Session (2001 -2002) Posted on Jan 10, 2001 <br />1.1 A bill for an act <br />1.2 relating to taxation; prohibiting modification and <br />1.3 limiting expenditures of certain tax increment <br />1.4 financing districts; proposing coding for new law in <br />1.5 Minnesota Statutes, chapter 469. <br />1.6 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: <br />1.7 Section 1. [469.1792] [CERTAIN DISTRICTS; LIMITATIONS.] <br />1.8 Subdivision 1. [TAX INCREMENT FINANCING PLAN MODIFICATION <br />1.9 PROHIBITED.] Notwithstanding any other law to the contrary, no <br />1.10 tax increment financing district the certification of which was <br />1.11 requested before May 1, 1990 may modify its tax increment <br />1.12 financing plan after April 30, 2001. <br />1.13 Subd. 2. [LIMITS ON USE OF TAX INCREMENT REVENUES.] la)_ <br />1.14 After April 30, 2001, revenues derived from tax increments by a <br />1.15 tax increment financing district the certification of which was <br />1.16 requested before May 1, 1990, may be expended on an activity as <br />1.17 defined under section 469.1763, subdivision 2, only if one of <br />1.18 the following occurs: <br />1.19 (1) on or before April 30, 2002, the revenues are actually <br />1.20 paid to a third party with respect to the activity] <br />1.21 (2) bonds, the proceeds of which must be used to finance <br />1.22 the activity, are issued and sold to a third party on or before <br />1.23 April 30, 2002, the revenues are spent to repay the bonds, and <br />1.24 the proceeds of the bonds either are, on the date of issuance, <br />1.25 reasonably expected to be spent on or before April 30, 2002, or <br />2.1 are deposited in a reasonably required reserve or replacement <br />2.2 fund; <br />2.3 (3) binding contracts with a third party are entered into <br />2.4 for performance of the activity on or before April 30, 2002, and <br />2.5 the revenues are spent under the contractual obligation; or <br />2.6 (4) costs with respect to the activity are paid on or <br />2.7 before April 30, 2002, and the revenues are spent to reimburse a <br />2.8 party for payment of the costs, including interest on <br />2.9 unreimbursed costs. <br />2.10 (b) For purposes of this section, bonds include subsequent <br />2.11 refunding bonds if the original refunded bonds meet the <br />2.12 requirements of paragraph (a), clause L2). <br />2.13 (c) Nothing in this section shall be deemed to extend the <br />2.14 duration of a district beyond the earlier of: <br />2.15 Si) the duration limit of the district as established in <br />2.16 its tax increment financing plan; or <br />2.17 (2) the duration limit of the district as established by <br />2.18 law. <br />2.19 Subd. 3. [USE OF REVENUES FOR DECERTIFICATION.] (a) For <br />2.20 any tax increment financing district subject to subdivision 2, <br />http://www.revisor.leg.state.mn.us/cgi-bin/ <br />Page 45 <br />;ession =1s82 2/23/01 <br />