Agenda - Council - 09/28/1993 - Laserfiche WebLink

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ORDINANCE 93- CITY OF RAMSEY ANOKA COUNTY STATE OF MINNESOTA AN ORDINANCE ESTABLISHING FUNDING AND EXPENDITURE POLICIES FOR THE TAX INCREMENT FUND, RAMSEY, MINNESOTA. The City Council of the City of Ramsey hereby ordains: Section 1. The purpose of the Tax Increment Fund is to account for the revenue received from general property taxes in the form of tax increments for the City's tax increment financing districts and transfer of funds necessary for the retirement of debt issued in those districts. Section 2. Policies Funding shall consist of the following sources: 1) Annual increments received from general property taxes through the expiration of each district; and 2) Interest earnings on the Tax Increment Fund from the distribution of pooled interest earnings based on average cash balances. Expenditures shall consist of the following: 1) Transfers to the related debt service funds for principal, interest and fiscal charges on bonds issued on projects in the tax increment financing districts until such trine as all bonds are retired; and 2) Transfers to the Economic Development authority in an amount not to exceed ten percent (10%) of available increments received during the remaining life of each district; and 3) Transfers to the Public Improvement Revolving Fund in an amount not to exceed the annual interest earnings from 1988 forward; and 4) Costs charged by Anoka County for administration of the tax increment financing districts; and 5) Costs associated with tax increment financing projects as detailed in the annual Capital Improvement Program or as approved by the Economic Development Authority and City Council. These policies shall at all time comply with Minnesota Statutes and any agreements currently in place or entered into in the furore. This fund is eligible for interfund loans. I I I I I I I I I I I I I I I I I I I