2005 Minnesota Statutes - 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 Repealed, 2005 c 152 art 1 s 43; 1Sp2005 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 Repealed, 2005 c 152 art 1 s 43; 1Sp2005 c 1 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 Repealed, 2005 c 152 art 1 s 43; 1Sp2005 c 1 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 program in repealed subdivision 1 of Minnesota Statutes 2004, 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 Repealed, 2005 c 152 art 1 s 43; 1Sp2005 c 1 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 


    HIST: 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*program in repealed subdivision 1 of Minnesota Statutes 2004, 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."