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<br /> <br /> <br /> <br /> <br /> <br />3 <br /> <br />4 authorize an extension of the duration of <br /> <br /> <br />5 the district of .up to two years .afterdetermining that: <br /> <br />6 (1) the insufficiency of revenues to pay the qualifYing <br /> <br />7 ooli ations, which will be offset by the additional extension of <br /> <br />8 the duration limit, result from (i) the changes in the class <br /> <br />9 rates and (ii elimination of the state-determined eneral <br /> <br />10 education property~ax levy under Laws 2001, First Special <br /> <br /> <br />11 Session chapter 5; <br /> <br />12 (2) the municipality has or is transferrinoall available <br /> <br />13 increments from other preexisting districts and after August 1, <br /> <br /> <br />14 200l, has not entered into new obligations or authorized new <br /> <br />15 spendin that reduced the amount of those increments that are <br /> <br /> <br />16 available for transfer to pay qualifying obligations; and <br /> <br />17 (3) increases in increments over the term of the district <br /> <br />18 are unlikely to eliminate the inSUfficiency. <br /> <br /> <br />19 (0) The commissioner may: <br /> <br />20 (1 establish the form of and time for ap 1ications under <br /> <br />21 this subdivision; and <br /> <br /> <br />22 <br /> <br />(2 re uire the municioalit <br /> <br /> <br />rovide the information <br /> <br />23 that the co~~issioner determines is necessary or useful in <br />24 evaluating the application. <br />25 (c This subdivision does not a pI to a district if the <br />26 authority has made an election under subdivision 5, paragraph <br />27 ~ <br />28 Subd. 7. [LIMITS ON USE OF INCREMENTS.] ja) Tax increments <br />29 of an extended district may only be used to pay preexisting <br />30 obligations of the district and administrative expenses, <br />31 effective upon the final required approval of the extension <br />32 under this section. All tax increments that are attributable to <br />33 an extension of the duration of a district under this section <br />34 must be used only to pay qualified obligations of the district. <br />35 If increments from a district sUbject to this subdivision are <br />36 that are not ualified <br /> <br /> <br />Article 10 <br /> <br />Section 8 <br /> <br />165 <br />