Laserfiche WebLink
• DEC-19-2002 14:58 ROSEVILLE-COMM-DEV 6514902931 P.25/2? <br /> 4 <br /> 469.1814 <br /> • 3 <br /> maximum principal amount of these bonds may not exceed the estimated 3 <br /> sum of the abatements for the property for the years authorized. The <br /> en <br /> bonds may be general obligations of the political subdivision if the <br /> governing body of the political subdivision elects to pledge the full faith I <br /> and credit of the subdivision in the resolution issuing the bonds. <br /> a: <br /> Subd, 2. Chapter 475 applies. Chapter 475 applies to the <br /> obligations authorized by this section, except bonds are excluded from the , <br /> calculation of the net debt limit. <br /> 111• <br /> Subd. 3. Municipal issue for combined abatements. If two or <br /> more political subdivisions decide to grant abatements for the same _ <br /> • property, the municipality in which the property is located may issue bonds <br /> to provide an amount equal to the sum of the abatements for each of the <br /> jurisdictions that agrees. The governing body of each of the other .. <br /> jurisdictions must guarantee and pledge to pay annually to the municipality <br /> the amount of the abatement. This pledge and guarantee is a binding <br /> obligation of the political subdivision and must be included in the <br /> abatement resolution. <br /> Subd. 4. Bonded abatements not subject to review. If bonds <br /> are issued to provide advance payment of abatements under this section, <br /> pYm <br /> the amount of abatement is not subject to periodic review by the political I <br /> • <br /> subdivision under section 469.1813, subdivision 7. <br /> • Subd. 5. Use of proceeds, The proceeds of bonds issued <br /> 10 Krass Monroe, P.A. 1 <br />