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02-28-2001 Council Agenda
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02-28-2001 Council Agenda
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S.F No. 73, as introduced Page 2 of 2 <br />2.21 any revenues derived from tax increments paid by properties in <br />2.22 the district that remain after the expenditures permitted under <br />2.23 subdivision 2 must be used only to pay: <br />2.24 L1) outstandinq bonds, as defined in subdivision 2, <br />2.25 paragraphs (a)s clause (2), and (b)j <br />2.26 (2L contractual obligations, as defined in subdivision 2,_ <br />2.27 paragraph (a), clauses (3) and (4); or <br />2.28 L3) credit enhanced bonds as defined in section 469.1763, <br />2.29 subdivision 5, to which the revenues derived from tax increments <br />2.30 are pledged, but only to the extent that revenues of the <br />2.31 district for which the credit enhanced bonds were issued are <br />2.32 insufficient to pay the bonds and to the extent that the <br />2.33 increments from the applicable pooling percent share for the <br />2.34 district are insufficient. <br />2.35 (b) When the outstandinq bonds have been defeased and when <br />2.36 sufficient money has been set aside to pay contractual <br />3.1 obligations as defined in subdivision 2, paragraph (a), clauses <br />3.2 (3) and (4), the district must be decertified and the aledge of <br />3.3 tax increment discharged. <br />3.4 [EFFECTIVE DATE.] This section is effective the day <br />3.5 following final enactment for districts for which the request <br />3.6 for certification was made before May 1, 1990. <br />http: / /www. revisor .Ieg.state.mn.us /cgi- bin/bld <br />Page 46 <br />;ion =1s32 2/23/01 <br />
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