01-27-1993 Council Agenda - Laserfiche WebLink

Home Browse Search

appropriated by the governing body of the City to the Debt Service Account. The Debt Service Account shall be used solely to pay the principal and interest and any premiums for redemption of the Bond and any other general obligation tax increment bonds of the City hereafter issued by the City and made payable from said account as provided by law. 16. Original Tax Capacity; Tax Increments; Use of Tax Increments. The City has previously requested from the County Auditor of Ramsey County to certify the original tax capacity (as defined in Minnesota Statutes, Section 469.174, Subdivision 7) of property in the Tax Increment District. The County Auditor shall determine in each year if the then- current tax capacity of property in the Tax Increment District exceeds the tax capacity and shall calculate, in the manner provided in Minnesota Statutes, Section 469.177, Subdivision 3, the captured tax capacity (as defined therein) attributable to the Tax Increment District. The City hereby determines to retain one hundred percent (100 %) of the captured tax capacity for purposes of tax increment financing. The County Auditor shall, in each such year, compute the local tax rates to be extended against the captured tax capacity in the manner provided in Minnesota Statutes, Section 469.177, 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. The City hereby appropriates Tax Increments to the Debt service Account, which appropriation shall continue until the entire Bond and any additional bonds payable from the Debt service Account, are paid or discharged. The City hereby expressly reserves the right to use 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 they may from time to time be amended. 17. Future Tax Levies. On or before October 10 of each year, the Administrator shall certify to the County Auditor of Ramsey County the amount of Tax Increments and any other funds appropriated to and then held in the Debt Service Account and the estimated collections of Tax Increments to be received in the next succeeding year. In the event that it is anticipated that the aggregate of said sums will not be sufficient to pay the principal and interest on the Bond to become due in the first calendar year thereafter and the first six (6) months of the succeeding calendar year, the City Council shall pass a resolution requesting the County Auditor of Ramsey County to levy an ad valorem tax in an amount as is necessary, together with the aforementioned funds then held in the Debt Service Account and said estimated collections of Tax Increments, to pay the principal and interest on the Bond to become due during said period. 232758 Page 42 15