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ECONOMIC DEVELOPMENT 469.108 'i 3 049 'ski i gives the authority plans and specifications to develop the property sold.The authority 11 --k:*. '} must approve the plans and specifications in writing.The authority may require prepa- . 'Tration of final plans and specifications before the hearing on the sale. '1: s History: 1987 c 291 s 106 ?;� 469.106 ADVANCES BY AUTHORITY. .I torAn authority may advance its general fund money or its credit. or both, without ...4 interest, for the objects and purposes of sections 469.090 to 469.108. The advances I must be repaid from the sale or lease, or both, of developed or redeveloped lands. If the money advanced for the development or redevelopment was obtained from the sale l , . of the authority's general obligation bonds. then the advances must have not less than f! ,.. the average annual interest rate that is on the authority's general obligation bonds that 3 are outstanding at the time the advances are made. The authority may advance repaid i ,' money for more objects and purposes of sections 469.090 to 469.108 subject to repay- 11 t • ;, merit in the same manner. The authority must still use rentals of lands acquired with �; .: :?i advanced money to collect and maintain reserves to secure the payment of principal l; _= t .�..;,_,.- and interest on revenue bonds issued to finance economic development facilities,if the • ;: rentals have been pledged for that purpose under section 469.103. Advances made to : : .. 'r E it `. 1_- acquire lands and to construct facilities for recreation purposes if authorized by law need not be reimbursed under this section.Sections 469.090 to 469.108 do not exempt 1 '• . lands leased from the authority to a private person,or entity from assessments or taxes ', against the leased property while the lessee is liable for the assessments or taxes under , the lease. } 41,-.' History: 1987 c 291 s 107 }i ° 469.107 CITY MAY LEVY TAXES FOR ECONOMIC DEVELOPMENT I]I'HORITY. 3 Subdivision 1. City tax levy.A city may, at the request of the authority,levy a tax f _ ;Its'' in any year for the benefit of the authority.The tax must be not more than 0.01813 per- ;; ' y: cent of taxable market value. The amount levied must be paid by the city treasurer to . „., the treasurer of the authority. to be spent by the authority. i Subd. 2. Reverse referendum. A city may increase its levy for economic develop- ti ,1.4. ment authority purposes under subdivision 1 in the following way.Its city council must ; i first pass a resolution stating the proposed amount of levy increase. The city must then publish the resolution together with a notice of public hearing on the resolution for two ; {' successive weeks in its official newspaper or if none exists in a newspaper of general cir- �-:` culation in the city. The hearing must be held two to four weeks after the first publica= tion. After the hearing, the city council may decide to take no action or may adopt a = resolution authorizing the proposed increase or a lesser increase.A resolution authoriz- • '•_. ; �. ing an increase must be published in the city's official newspaper or if none exists in . _ a newspaper.of general circulation in the city.The resolution is not effective if a petition (`!F' requesting a-referendum on the resolution is filed with the city clerk within 30 days of -:• publication of the resolution. The petition must be signed by voters equaling five peri . ”` cent of the votes cast in the city in the last general election. The election must be held at a general or special election. Notice of the election must be given in the manner - required bylaw. The notice must state the purpose and amount of the levy. i44- History: 1987 c 291 s 108; 1988 c 719 art 5 s 84; 1989 c 277 art 4 s 64; 1992 c 511 " `. f; art 5 s 13 • 469.108 SPE •• LAW; •PTIONAL USE. A city t••t has establis -d a port autho ; •y spacial law or th• .�. •een granted �.. f • special la :, or a city • ose cit council has ;'. k...-,,. the pow- to establish a po authority p i, 1 I been . thorized to exercis. the pow, of a port au orit • special la may elect to k use he powers granted in s •• •69.090 to 469.11 . the election ism• e,the pow- ,, ; t. ers and duties set forth in sections 469.090 to 469.108 supersede the specs and ";'�i