2013 Adopted Budget - Laserfiche WebLink

Home

2. Warrants .or orders having no definite or fixed maturity. 3. Obligations payable wholly from the income from revenue producing conveniences. 4. Obligations issued to create or maintain a permanent improvement revolving fund. (' 5. Obligations issued. for the acquisition and betterment of public waterworks systems and public lighting, heating. or power.systems, and any combination thereof; or for any other public convenience from which revenue is.or may be derived. 6. Certain debt service loans and. capital loans made to school districts. 7. Certain obligations to repay loans. 8. Obligations specifically excluded under the provision of law authorizing their issuance. 9. Certain obligations to pay pension fund liabilities. 10. Debt service funds for the payment of principal and interest on obligations other than those. described above. Levies for General Obligation Dent (Sections 475.61 and 475.74, Minnesota Statutes) Any municipality which issues general obligation debt must, at the time of issuance, certify Levies to the county auditdr of the county(ies) within which.the municipality is situated. Such levies shalt be in an amount that if collected in full will, together with estimates of other revenues pledged for payment of the obligations, produce at least five percent in excess of the amount needed to pay principal and interest when due. Notwithstanding any other limitations upon.the ability of a taxing unit to levy takes, its ability to levy taxes fora deficiency in prior levies for payment of general obligation indebtedness is: without limitation as to rate or amount. Metropolitan Revenue Distribution (Chapter 473F; Minnesota Statutes) "Fiscal Disparities Law" The Charles R. Weaver Metropolitan Revenue Distribution Act, more commonly know as "Fiscal ❑isparities" was first implemented for taxes payable in 1975. Forty percent of the increase in commercial -industrial (including public utility and railroad) net tax capacity valuation since 1971 in each assessment district in the Minneapolis/St.. Paul. seven -county metropolitan area. (Anoka., Carver, Dakota, excluding the City of Northfield,. Hennepin, Ramsey, Scott, excluding the City'of New.Prague, and Washington Counties) is.contributed to.an area -wide tax base. A distribution index, based on the factors of population and real property market value per capita, is employed in determining what. proportion of the net tax capacity value in the area -wide tax base shall be distributed back to each assessment district. .o