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YEAR & <br />STATUTE <br />REFERENCE <br />CITY OF LINO LAKES, MINNESOTA <br />STATE LEGISLATIVE ACTION <br />APPENDIX A <br />1995 <br />#51 Oversight of tax increment financing: The responsibility for state <br />oversight of tax increment financing is transferred from the Commissioner of <br />Revenue to the State Auditor. One tenth of one percent of tax increment <br />revenues generated will be paid to the State Auditors office to fund the <br />responsibility. <br />1995 <br />#50 Pooling of tax increment revenues: The amount of increment revenues <br />that may be spent outside a non - redevelopment TIF district is limited to 20 <br />percent of the total collections within the district. <br />1995 <br />#49 Reduction in HACA: Cities, counties, towns and special districts share in <br />a one -time $16 million cut in HACA in 1996. <br />1994 <br />#48 Property taxation by square footage: The Department of Revenue is <br />required to conduct a study on the feasibility of basing property taxation on a <br />square footage rather than the current system of basing property taxation on the <br />estimated market value of property. <br />1994 <br />#47 Firefighter protective equipment: Effective July 1, 1994, personal <br />MS 297A.25 <br />protective equipment for firefighter will be exempt from sales tax. <br />1994 <br />#46 Gifts to local officials: Local officials may not accept a gift from an <br />MS 471.895 <br />interested person and an interested person may not give a gift to a local official. <br />A local official includes an elected or appointed official. <br />1994 <br />#45 Repeal of the local government trust fund: The trust fund will sunset on <br />MS 477A.03 <br />July 1, 1996. All programs funded by the LGTF will be transferred back to the <br />general fund. In place of the trust fund, an inflationary increase for LGA was <br />established beginning with 1996 aid distribution. The inflationary increase is <br />based on the implicit price deflator for state and local government procedures. <br />This index cannot be less than 2.5% or greater than 5.0% per year. The <br />minimum aid distribution for each city for 1995 and future years is the sum of <br />1993 LGA, equalization aid, and disparity reduction aid. <br />1993 <br />#44 Mortgage backed securities: As of August 1, 1993, cities are not allowed <br />MS 475.66 <br />to purchase "high risk" mortgage backed securities. A definition of "high risk" is <br />included in MS 475.66 <br />PREPARED BY TAUTGES, REDPATH & CO., LTD. <br />PAGE 1 OF 9 <br />