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6514902931 P.26/27 <br /> DEC-19-2002 14:58 ROSEVILLE-COMM-DEV <br /> 469.1814 <br /> •o <br /> under this section may be used to (1) pay for public improvements that <br /> benefit the property, (2) to acquire and convey land or other property, as <br /> provided under this section, (3) to reimburse the propertyowner for the <br /> cost of Improvements made to the property, or (4) to pay the costs of <br /> issuance of the bonds. <br /> i Subd. 6. Levy to offset tax changes. (a) This subdivision <br /> applies only to abatements pledged to pay preexisting obligations. <br /> (b) For purposes of this subdivision, "preexisting obligation" <br /> means a bond or binding contract that: <br /> : (1)was issued or approved before August 1, 2001; <br /> 411 (2) is secured by abatements approved before August 1, 2001; <br /> and <br /> (3) is not a general obligation. <br /> (c) If a political subdivision granted an abatement pledged to pay <br /> a preexisting obligation and if the changes in the property tax class rates <br /> enacted in calendar year 2001 reduce the abatement by an amount <br /> sufficient to prevent payment in full of the preexisting obligation, the <br /> political subdivision may add to its levy under section 469.1815 an amount <br /> sufficient to provide an abatement equal to the least of: <br /> (1) the amount of the abatement using the political subdivision's <br /> tax rate for the current year and the class rates for property taxes payable <br /> in 2001; <br /> 11 Krass Monroe, P.A. <br />