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Page five <br />d. Candidates for local office must certify that they <br />have complied with all state campaign financial <br />t^ reporting requirements prior to issuance of <br />certificate of election. This removes the feat of <br />liability for city filing officers who were <br />previously required and held liable for insuring <br />that candidates had complied with campaign financial <br />requirements prior to assumption of office. <br />17. Tax Bill <br />All of you know that the property tax bill adopted by <br />the legislature was vetoed by Governor Perpich and that <br />he has indicated a desire to have a special session in <br />September pending reaching agreement with legislative <br />leaders prior to that session on the content of the <br />revised tax bill. Rather than get into any of the great <br />details regarding the vetoed tax bill, I would simply <br />like to provide six points of information on highlights <br />of that bill. These points are as follows: <br />a. Provided 275 million dollars in new money property <br />tax for pay 1990 including LGA increase; relief was <br />targeted mainly to middle and high valued <br />homesteads, small businesses and rental property. <br />b. Proposed to channel most of the additional property <br />tax relief through an expansion of the "Homestead <br />and Agricultural Credit aid Program" (HACA) which <br />would have replaced the old Homestead/Agriculture.! <br />Credit and Transition Programs. HACA has been used <br />to pay for the increased relief provided to <br />homesteads, businesses and rental property. <br />c. Proposed to continue the existing law local <br />government aid formula and added a new equilization <br />program for cities with a total increase in aid of <br />49 million dollars in pay 1990. <br />d. Would have imposed tight a 3 percent levy limit on <br />cities; the tightened levy limits would also reduce <br />the allowable levy base growth to one-half the <br />greater of population or household growth. <br />e. Would have required compliance with truth in <br />taxation procedures for all cities beginning in the <br />fall of 1989; requirements include earlier budget <br />setting and prior notification of levy increases <br />through a general notice to tax payers. <br />f. Would have implemented substantial modifications to <br />the tax increment financing legislation in such a <br />manner that developing cities would have been unable <br />to finance economical development activities through <br />the redevelopment program allowing for the maximum <br />of 25 years and would have been limited to economic <br />development program activities allowing a maximum of <br />eight years. <br />