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resolution. <br /> <br /> Subd. 4. Bonded aba~ements not subject to review. If <br />bonds are issued to provide advance payment of abatements under <br />this section, the amount of abatement is not subject to periodic <br />review by lbe political subdivision under section 469.1813, <br />subdivision 7. <br /> <br /> Subd. 5. Use of proceeds. The proceeds of bonds <br />issued under this section may be used to (1) pay for public <br />improvements that bene~ the property, (2) to acquire and . <br />convey land or other property, as provided under this section, <br />(3) to reimburse the property owner for the cost of improvements' <br />made to the property, or (4) to pay the costs of issuance of the <br />bonds. <br /> <br />Subd. 6. Levy to offset tax changes. (a) This <br />subdivision applies on¥ to abatements pledged to pay <br />preexisting obligations. <br /> <br />(b) For purposes of this subdivision, "preexisting <br />obligation' means a bond or binding conffact that: <br /> <br />(1) was issued or approved before August 1, 2001; <br /> <br />(2) is secured by abatements approved before August 1, <br />2001; and <br /> <br />(3) is not a general obligation. <br /> <br /> (c) If a political subdivision granted an abatement pledged <br />to pay a preexisting obligation and if the changes in the <br />property tax class rates enacted in calendar year 2001 reduce <br />the abatement by an amount sufficient to prevent payment in full <br />of the preexisting obligation, the political subdivision may add <br />to its levy under section 469.1815 an amount sufficient to <br />provide an abatement equal to the least of:. <br /> <br />-346- <br /> <br /> <br />