MN HF3314

City of Wabasha authorized to impose a local sales and use tax up to one percent, approved by voters at the November 6, 2012, general election.

Tax revenues must be used to pay collection and administration costs, and for debt service on bonds issued for capital improvements to city streets, utilities, and municipal buildings per the city's June 4, 2013 capital improvement plan.

City may issue bonds up to $4,500,000 plus issuance costs under Minnesota Statutes chapter 475, exempt from debt limitations and levy restrictions, with no separate election required.

Sales and use tax expires at the earlier of 20 years from imposition or when the city council determines $4,500,000 has been received to cover project costs and bond obligations, with remaining funds going to the general fund.

Effective upon the city of Wabasha's compliance with Minnesota Statutes section 645.021, subdivisions 2 and 3.