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, Sec. 47. H69.111141 BONDlI"'G AUTHORITY. Suouivisiol1 I. A UTI I ORITY. A political suodivision may issue oonds or other ob- ligations 10 prO\'ij~ an :Jmounl equ:Jlto the sum of the aoatemcntsgran""iCdlOrapropCriY under section 461).1 iIT3. The miiXliilum priri"CTPaTamount of these bonds may not exceed iiiCCStTiiiaiCli SUi" of the ahiJtcments for the prope~tiC years 3liii1Org TIicbOiidS may be general ohllgationsoflhe political su~n if the govemingbody~thepoliti- cal suodivisiol1 elct.ts to pledge the full faith anu credit of the subdivision in the resolution issuing the hOl1us. -------- Subd. ~ BONI> COI>E APPLIES. Chapter 475 applies ~ the obligations autho- rized oy this section, except bonds are excluded from the calculation of the net debt limit. Subd. 3. MUNICIPAL ISSUE FOR COMIHNED ABATEI\IENTS. If two or moreporriical subdivisions decide to grant abatements for the same property, the nluiiiCi- pality in which the property is located may issue bonds to provide an amount equal to the SUrTiOfi~icments for each of thcJUr'iScilCilOi1Siii:itagrees. ThegovCriifiigbody of each of the other jurisdiCtionsmustguarantee and pledge to pay iiiiiiually to the munici- palitythe aii10iJiit of the ahatement. This pledge an<rgUaraniCcTsa bindingobTigatioii01 the poITiTcaiSiihdiVlSJOn and must be included ~ the abatement feSOiliiTOn. Subd.4. BONDED ABATEMENTS NOT SUBJECfTO REVIEW. If bonds are issued ~ provide advance payment ~ abatements under this section, theamount ~ abatement is not subject to periodic review by the political subdivision under section 469.1813, SiibdTviSiOil'f. - - - - - - - Subd.5. USE OF PROCEEDS. The proceeds of bonds issued under this section may be usedto (1) pay for public improvernents that benefit thepropCrty,(2) ~ acquire and convey land ~ other property, ~ provided under this section, (3) to reimburse the property owner for the cost of improvements made ~ the property, ~ (4) ~ pay the costs of issuance of thCbonds. ----- Sec. 48. [469.1815] ADMINISTRo\TIVE. Subdivision 1. INCLUSION IN PROPOSED AND FINAL LEVIES. The politi- cal subdivision must add to its levy amount for the current year under sections 275.065 and 275.07 the total CStfn1:iicd amount of aliculTcnt year abai"emciliS granted. The tax amounts shown on the proposeJi1olTCC unJCr ScCiioi1lli065, subdivis~d on the property tax staten1ent under section 276.04, subdivision 2, are the total ~ before ~ction of any abatements that will be granted ~ the property. Subd.2. PROPERTY TA.XES; ABATEMENT PAYMENT. The total property taxes shall 6C levied on the property and shall be due and payable to the county ~ the iimCs provictedUiidCr section 279.0 L The political SUbdivision will paylile '"ii'ba:iCinenilO the property owner, lessee, orareprescni:iiiVC01 the bondholders, as provided by the abatement resoluti()n~ - - - - -