Agenda - Council - 08/27/1985 - Laserfiche WebLink

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Value, the captured assessed value, the amount of outstand- ing bonded indebtedness and any additional information the ' City deems necessary shall be published in the official newspapers of the City. Minnesota Statutes $273.74, subd. 5. ' 9. All revenues derived from each Tax Increment Finan- cing District shall be used in accordance with the Tax In- crement Financing Plan. The revenues shall be used for the ' following purposes: 1. to pay the principal of and interest on bonds ' issued to finance a project; 2. to finance or otherwise pay the capital and ' administration costs of Development District No. 1 pur- suant to the Development District Act; ' 3. to accumulate and maintain a reserve in a special development account for the payment of the prin- cipal of and interest on bonds issued to finance a pro- ject; 4. to pay for project costs as identified; and 5. to finance or otherwise pay for other purposes as provided in Section 273.75, Subd. 4, of the Tax In- crement Financing Act. These revenues shall not be used to circumvent any levy limits. Minnesota Statutes §273.75, Subd. 4. 10. In the year in which the tax increments exceed the amount necessary to pay the costs authorized by the Tax Increment Financing Plan, including the amount necessary to cancel any tax levy as provided in Minnesota Statutes Sec- tion 475.61, Subd. 3, the City shall use the excess amount to: 1. prepay any outstanding bonds; 2. discharge the pledge of tax increment there- for; 3. pay into an escrow account dedicated to the payment of such bonds; or 4. return the excess amount to the County Auditor for distribution as provided in Section 273.75, Subd. 2, of the Tax Increment Financing Act. Minnesota Statutes §273.75, Subd. 2. A - 4