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model form attached hereto. Minnesota Statutes, Section <br />469.175, Subd. 5 and 6. <br />8. An annual statement showing the gross tax capacity <br />received and expended in that year, the original gross tax <br />capacity, the captured gross tax capacity, the amount of <br />outstanding bonded indebtedness and any additional information <br />the City deems necessary shall be published in a newspaper of <br />general circulation in the City. Minnesota Statutes, Section <br />469.175, Subd. 5. <br />9. All revenues derived from each Tax Increment <br />Financing District shall be used in accordance with the Tax <br />Increment Financing Plan. The reviews shall be used for the <br />following purposes: <br />1. to pay the principal of and interest on bonds <br />issued to finance a project; <br />2. to finance or otherwise pay the capital and <br />administration costs of Development District No. 2 <br />pursuant to the Development District Act; <br />3. to accumulate and maintain a reserve in a <br />special development account for the payment of the <br />principal of and interest on bonds issued to finance a <br />project; <br />4. to pay for project costs as identified; and <br />5. to finance or otherwise pay for other purposes <br />as provided in Section 469.176 Subd. 4, of the Tax <br />Increment Financing Act. <br />These revenues shall not be used to circumvent any levy <br />limits, Minnesota Statutes, Section 469.176 Subd. 4. <br />10. In the year in which the tax increments exceed the <br />amount necessary to pay the costs authorized by the Tax <br />Increment Financing Plan, including the amount necessary to <br />cancel any tax levy as provided in Minnesota Statutes, Section <br />475.61, Subd. 3, the City shall use the excess amount to: <br />1. prepay any outstanding bonds; <br />2. discharge the pledge of tax increment therefor; <br />A -4 <br />Page 32 <br />