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all pubiic domain fixed assets, such as streets, traffic control, and similar assets that are immovable and of value only to the City. General Long-Term Debt Account Group General long-term debt is used to account for general obliqation bonds, general obligation tax increment bonds, general obligation State aid highway bonds, accrued vacation pay and compensatory time off for governmental fund types, and other iorms of long- term debt supported by general revenues which are obligations of the City as a whole and not its individual funds. Revenue Li_mitations Fiscal Disparities The State Legislature enacted a Fiscal Disparity Law in 1971, which was not implemented until taxes payable in 1975, due to constitutional challenge. The law provides for the pooling of forty percent of all new commercial and industrial property valuations in the seven county metropolitan area. In turn, valuations from this pool are to be redistributed to taxing jurisdictions according to specific criteria. Although it is difficult to determine the future impact of the Fiscal Disparity Law on the City, the law had the effect of reducing taxable valuation as follows: Assessed Value Real Estate Personal Property Area Wide Pool Contributed to pool Distributed from pool Net (loss) Net assessed value 1990 $ 46,31'7,908 882,957 $ 47,200,865 $( 8,552,401) 3,666,228 S( d,886,173) $ 42,"s14,692 1959* $ 53,111,009 779,745 $ 53,890,754 $( 7,029,003) 3,015,644 $( 4,013,359) $ 46,196,706 *Assessed value was replaced by State Statute with net tax capac- ity (NTC). Roseville's 1990 tax capacity rate would have been 11.5 0 less without fiscal disparities. Levy Limitations The Minnesota Levy Limitations Law oJas implemented in 1972 and restricts property tax inereases each }�ear. Since enactment, various amendments to the law have passed, but the, basic s