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Certain property tax levies are authorized outside of the new overall levy limitation ("special <br /> levies"). Special levies include debt service levies for bonded indebtedness, excluding <br /> installment payments on conditional sales contracts, debt service on state-aid road bonds, <br /> payments on contracts for deed, any levies to pay debt service on tax increment revenue <br /> bonds, and lease payments under certificates of participation. In order to receive approval for <br /> any special levy claims outside of the overall levy limitation, requests for such special levies <br /> must be submitted to the Property Tax Division of the Department of Revenue on or before <br /> September 15th in the year in which the levy is to be made for collection in the following year. <br /> The Department of Revenue has the authority to approve, reduce or deny a special levy <br /> request. Final adjustments to all levies must be made by the Department of Revenue on or <br /> before December 10th. <br /> ` Debt Limitations <br /> All Minnesota municipalities (counties, cities, towns and school districts) are subject to statutory <br /> "net debt" limitations under the provisions of Minnesota Statutes, Section 475.53. Net debt is <br /> defined as the amount remaining after deducting from gross debt the amount of current <br /> revenues which are applicable within the current fiscal year to the payment of any debt and the <br /> aggregate of the principal of the following: <br /> 1. Obligations issued for improvements which are payable wholly or partially from the <br /> proceeds of special assessments levied upon benefited property. <br /> 2. Warrants or orders having no definite or fixed maturity. <br /> 3. Obligations payable wholly from the income from revenue producing conveniences. <br /> • 4. Obligations issued to create or maintain a permanent improvement revolving fund. <br /> 5. Obligations issued for the acquisition and betterment of public waterworks systems, <br /> and public lighting, heating or power systems, and any combination thereof, or for any <br /> other public convenience from which revenue is or may be derived. <br /> 6. Certain debt service loans and capital loans made to school districts. <br /> 7. Certain obligations to repay loans. <br /> 8. Obligations specifically excluded under the provisions of law authorizing their <br /> issuance. <br /> 9. Certain obligations to pay pension fund liabilities. <br /> 10. Debt service funds for the payment of principal and interest on obligations other than <br /> those described above. <br /> Levies for General Obligation Debt <br /> (Sections 475.61 and 475.74, Minnesota Statutes) <br /> Any municipality which issues general obligation debt must, at the time of issuance, certify <br /> levies to the county auditor of the county(ies) within which the municipality is situated. Such <br /> levies shall be in an amount that if collected in full will, together with estimates of other <br /> revenues pledged for payment of the obligations, produce at least five percent in excess of the <br /> amount needed to pay principal and interest when due. Notwithstanding any other limitations <br /> upon the ability of a taxing unit to levy taxes, its ability to levy taxes for a deficiency in prior <br /> levies for payment of general obligation indebtedness is without limitation as to rate or amount. <br /> III-3 <br />