2006 Minnesota Code
Chapters 473 - 473I Metropolitan Area
Chapter 473 Metropolitan Government
Section 473.197 HOUSING BOND CREDIT ENHANCEMENT PROGRAM.

473.197 HOUSING BOND CREDIT ENHANCEMENT PROGRAM.
Subdivision 1.[Repealed, 2005 c 152 art 1 s 43; 1Sp2005 c 1 art 2 s 162]
Subd. 2.[Repealed, 2005 c 152 art 1 s 43; 1Sp2005 c 1 art 2 s 162]
Subd. 3.[Repealed, 2005 c 152 art 1 s 43; 1Sp2005 c 1 art 2 s 162]
Subd. 4. Debt reserve; levy. To provide money to pay debt service on bonds issued under
the credit enhancement program in repealed subdivision 1 of Minnesota Statutes 2004, section
473.197, the council must maintain a debt reserve fund until the reserve is no longer pledged
or otherwise needed to pay debt service on such bonds. If sums in the debt reserve fund are
insufficient to cure any deficiency in the debt service fund established for the bonds, the council
must levy a tax on all taxable property in the metropolitan area in the amount needed to liquidate
the deficiency. The tax authorized by this section does not affect the amount or rate of taxes that
may be levied by the council for other purposes and is not subject to limit as to rate or amount.
Subd. 5.[Repealed, 2005 c 152 art 1 s 43; 1Sp2005 c 1 art 2 s 162]
History: 1994 c 587 art 12 s 22; 1996 c 399 art 2 s 8; 1998 c 254 art 1 s 92; 2004 c 206 s
52; 1Sp2005 c 1 art 2 s 148

NOTE: Subdivision 4 was also amended by Laws 2005, chapter 152, article 1, section
18, to read as follows:

"Subd. 4. Debt reserve; levy. To provide money to pay debt service on bonds issued under
the credit enhancement program in repealed subdivision 1 of Minnesota Statutes 2004, section
473.197, the council must maintain a debt reserve fund until such a reserve is no longer pledged
or otherwise needed to pay debt service on such bonds. If sums in the debt reserve fund are
insufficient to cure any deficiency in the debt service fund established for the bonds, the council
must levy a tax on all taxable property in the metropolitan area in the amount needed to cure the
deficiency. The tax authorized by this section does not affect the amount or rate of taxes that may
be levied by the council for other purposes and is not subject to limit as to rate or amount."