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473~46 b~'RO~GOVERI~d1~T 72 sion and subdivision lb, the council shall levy each year upon all taxable property within the metropolitan transit taxing district, defined in subdivision 2, a transit tax consisting of: (a) an amount which shall be used for payment of the expenses of operating transit and paratransit service and to provide for payment of obligations issued by the council under sec- tion 473,436, subdivision 6; Co) an additional amount, if any, the ¢o'u'~'~ii Cl~t'ei~ti~es i~ bl nec~si/}y to provide for the full and timely payment of its certificates of indebtedness and 'other obligations outstand- ing on ~luly 1, 198:5, to which property taxes under this section have been pledged; and · '. (c) an additional amount necessary to provide full a~d timely payment of certificates of indebtedness, bonds, including refunding bonds or other 0bIigations issued or to be issued under section 473.39 by the council for purposes of acquisition and betterment of property and other impwvements of a capital nature and to which the council has specifically pledged .. ,! ' The property tax levied by the council for general phi'poses under paragraph (a)' must not exceed the following amount for the years specified: ' ' ...... .. · (1) for taxes payable in 1995, the cOuncil's property tax levy limitation for generil tran- sit purposes is equal to the former regional transit board's property tax levy limitation for general transit purposes under this subdivision, for taxes payable in 1994, multiplied by an index for market valuation changes equal to the total market valuation of all taxable property located within the metropolitan transit taxing district for the current taxes payable year divid- ed by the total market valuation of all taxable property located within the metropolitan transit taxing district for the previous taxes payable year; and (2) for taxes payable in 1996 and subsequent years, the product of (i) the council's prop- erty tax levy limitation for general transit purposes for the previous year determined under this subdivision before reduction by the amount levied by any municipality in the previous year under soction 473.388, subdivision 7, multiplied by (ii) an index for market valuation changes equal to the total market valuation of all taxable property located within the metro- politan transit taxing district for the current taxes payable year divided by the total market valuation of all taxable property located within the metropolitan transit taxing district for the previous taxes payable year, minus the amount levied by any municipality in the current levy year under section 473.388, subdivision 7.. ~ .. · · The portio.n of the property tax levy for transit dism'.'ct operating purposes attributable to a municipality that has exercised a local levy option unaer section 473.388, subdivision 7, is the amount as determined under subdivision lb. The portion of the property tax levy for tran- sit district operating purposes attributable to the remaining municipalities within the transit district is found by subtracting the portions attributable to the municipalities that have exer- cised a local levy option under section 473.388, subdivision 7. For the thxes payable year 1995, the index for market valuation changes shall be multi- pli;d by an hmount equal to the sum of the regional transit board's property tax levy limita- tion for the taxes payable year 1994 and $160,665. The $160,665 increase shall be a perma- nent adjustment to the levy limit base used in determining the regional transit board's proper- ty tax levy limitation for general purposes for subsequent taxes payable years. For the purpose of determining ~,e. council's property tax levy limitation for general transit purposes under this subdivision, total market valhation" means the total market valu- ation of all taxable property within the metropolitan transit taxing district without valuation adjustments for fiscal disparities (chapter 473F), tax. increment financing (sections 469.174 to 469,179), and high voltage transmission lines (section 273.425). The county auditor shall reduce the tax levied'pursuant to this section and section 473.388 on all property within statutory and home rule charter cities and towns that receive full-peak service and limited off-peak service by an amount equal to the tax levy that would be produced by applying a rate of 0.510 percent of net tax capacity on the property. The county auditor shall reduce the tax levied pursuant to this section and section 473.388 on all property wilhin statutory and home rule charter cities and towns that receive limited peak service by an amount equal to the tax levy that would be produced by applying a rate of 0.765 percent of net tax capacity on the property. The amounts so computed by the county auditor shall be submitted to the commissioner of revenue as pan of the abstracts of tax lists required to be filed with the cc be certified in the ab' determine their accm certification to the cc and to the municipali by the county audita council and the mun within the municipal treasury to the depar For the purpos~ peak period regular longer than 60 minu service" means peal< For the purpose ally determine whict pacity rate reductior. such cities and townl annual list after Sep~ Subd. la. Tax~ 473.449, and the m~ taxable property wit taxing district, defin~ Sum of the levies pro used only for paratrl within the transit The regional tr the 0.510 or 0.765 ti before September 1 levy year. Subd. lb. may levy for gener. within a municipali transit tax levied wi 473.388, subdivisic nus the amount to b current levy year. (b) For purpo.~ (1) "munieipa' sion 7, for replacer (2) "market vi scribed in this sect. (3) "tax reven Subd. 2. Tran ignated as that pon les, towns, or unor '" (a) Anoka co~ Icy, Circle Pines, .. (b) Carver co · (e) Dakota Mendota, Mendot, (d) Ramsey (e) Hennepin hassen, Crystal, Hopkins, Long La Beach, Mound, N //