09/12/2011 Council Packet - Laserfiche WebLink

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�. 3 1 1st Reading: Publication: 2nd Reading: Effective: Council Member moved for adoption of the following ordinance: CITY OF LINO LAKES ORDINANCE NO. 18 -11 AN ORDINANCE AMENDING THE CITY CHARTER TO ADD A SECTION PERTAINING TO THE ESTABLISHMENT OF A TAX CAP The City of Lino Lakes ordains that a new Section 7.13 be added to the Home Rule Charter as follows (added text underlined): Section 1 Amendment of City Charter Section 7.13. Tax Cap. The City shall be restricted in the amount it can raise taxes each year. The maximum levy shall be calculated in accordance with the provisions of Minn. • Stat. § 275.70 to 275.74 (2010), as modified below. If the state legislature adopts new levy limits, the City shall be restricted to the lesser of the limits imposed under the laws in 2010, and the new limits. The City's levy for the year 2011 shall be used as the starting point for calculating all subsequent levy adjustments. Any unused levy authority from 2011 or prior years may not be used. Levies imposed on a majority of the property owners in the City for a new special district or utility (such as a storm sewer improvement district, storm sewer utility, or lake improvement district) created after 2010 shall be included in the levy limit. These levies will qualify as "special levies" only if a majority of the City's voters specifically vote to authorize the creation of the special district or utility. For the purpose of determining the maximum levy, the original net tax capacity shall be used for all property which is both (a) placed in a tax increment financing district after 2010 and (b) being taxed on the basis of its original net tax capacity. • Section 2 In Effect According to City Charter This ordinance shall be in force and effect from and after its passage and publication according to the Lino Lakes City Charter.