1997.08.18 RESO 1997-0017 - Laserfiche WebLink

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provided in Minnesota Statutes, Section 469.177, Subdivision 3, the captured net tax capacity (as defined therein) attributable to the Tax Increment District. The City hereby determines to retain 1001 of the captured tax capacity for purposes of tax increment financing. The County Auditor shall, in -3ach such year, compute the local tax rate to be extended against the captured net tax capacity in the manner provided in Minnesota Statutes, Section 469.177, Subdivision 3, and the tax generated thereby shall constitute the Tax Increments for the year in which it is received. The City hereby appropriates the Tax Increments to the Debt Service Account, which appropriation shall continue until all of the Bonds and any additional bonds payable from the Debt Service Account, are paid or discharged. The City hereby expressly reserves the right to use the Tax Increments to finance costs set forth in the Plan not financed hereby or to finance costs of other projects to be undertaken from time to time within the Development District in accordance with the Program and the Plan, as they may from time to time be amended. 17. Reservation of Rights. Notwithstanding any provisions herein to the contrary, the City reserves the right to terminate, reduce, or apply to other lawful purposes the Tax Increments herein pledged to the payment of the Bonds and interest thereon to the extent and in the manner permitted by law. 18. Coverage Test. The Tax Increments herein pledged to the payment of the Bonds are such that if collected in full they, together with other revenues herein pledged for the payment of the Bonds, will produce at least five percent (SU in excess of the amount needed to meet when due the principal and interest payments on the Bonds. 19. Future Tax Levies. On or before October 10 of each year, the Clerk -Treasurer shall certify to the County Auditor of Washington County the amount of Tax Increments and any other funds appropriated to and then held in the Debt Service Account and the estimated collections of Tax Increments to be received in the next succeeding year. In the event that it is anticipated that the aggregate of said sums will not be sufficient to pay the principal and interest on the Bonds to become due in the first calendar year thereafter and the first six (6) months of the succeeding calendar year, the City Council shall pass a resolution requesting the County Auditor of Washington County to levy an ad valorem tax in an amount as is necessary, together with the aforementioned funds then held in the Debt Service Account and said estimated collections of Tax Increments, to pay the principal and interest on the Bonds to become due during said period. 360858.1 13