Agenda - Council - 07/23/1985 - Laserfiche WebLink

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i value, the captured assessed value, the amount of outstand- , tn9 bonded indebtedness and any additional information the G£ty deems necessary shall be published in the official i newspapers of the City. Minnesota ~tatutes S273.74, subd. 5. 9. All revenues derived from each Tax Increment Flnan- I cin9 District accordance with the Tax In- shall be used in crement Financing Plan. The revenues shall be used for the following purposes: I 1. to pay the principal of and interest on bonds issued to finance a project; I 2. to finance or otherwise pay the capital and administration costs of Development District No. 1 pur- l suant to the Development District Act; 3. to accumulate and maintain a reserve in a I special development account ~or the payment of the prin- cipal of and interest on bonds issued to finance a pro- ject; I 4. to pay for pro~ect costs as i~entified; and i 5. to finance, or otherwise pay for other purposes as provided in Section 273.75, Subd. 4, of the Tax In- crement Financing Act. I These shall not be used to circumvent revenues any levy limits. ~innesota Statutes, $273.75, Subd. 4. I 10. In the year in which the tax increments exceed the amount necessary to pay the costs authorized by the Tax I Increment Financing Plan, including the amount necessary to cancel any tax levy as provided in Ninnesota Statutes, Sec- tion 475.61, Subd. 3, the City shall use the excess amount to: l, prepay any outstanding bonds; 2. discharge the pledge of tax increment there- for; I 3. pay into an escrow account dedicated .to .the payment of such bonds; or I excess amount to the County Auditor 4. return the for distribution as provided in Section 273.75, Subd. 2, of the Tax Increment Financing Act. I ~innesota Statutes, S273.75, Subd. 2. I &- 4