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II wow <br />Imam <br />INIMm <br />tam- <br />YEAR & <br />STATUTE <br />REFERENCE <br />CITY OF LINO LAKES. MINNESOTA <br />STATE LEGISLATIVE ACTION <br />APPENDIX A <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. A <br />local official includes an elected or appointed official. <br />1994 <br />#45 Repeal of the local government trust fund: The trust fund will <br />MS 477A.03 <br />sunset on July 1, 1996. All programs funded by the LGTF will be transferred <br />back to the general fund. In place of the trust fund, an inflationary increase for <br />LGA was established beginning with 1996 aid distribution. The inflationary <br />increase is based on the implicit price deflator for state and local government <br />procedures. This index cannot be less than 2.5% or greater than 5.0% per year. <br />The 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 <br />MS 475.66 <br />allowed to purchase "high risk" mortgage backed securities. A definition of "high <br />risk" is included in MS 475.66 <br />1993 <br />#43 Budget information: Cities must provide summary budget information <br />MS 6.745 <br />to the Office of the State Auditor by December 31 of the year preceding each <br />budget year. <br />1993 <br />#42 Special assessments: Cities are now required to pay to the county <br />MS 429.061 <br />auditor the administrative expenses incurred by the county auditor for <br />Subd. 5 <br />administering the collection of special assessments. <br />1993 <br />#41 Purchase of investments: Cities must provide securities broker - dealers <br />MS 475.667 <br />a written notification of investment restrictions and include a provision that all <br />Subd. 6 <br />future transactions are to be made in accordance with State Statutes governing <br />investment of public funds. Additionally, the broker - dealer must acknowledge <br />receipt of the notification and agree to handle the city's transactions in accordance <br />with State Statutes. <br />PREPARED BY TAUTGES, REDPATH & CO., LTD. <br />PAGE 1 OF 8 <br />