MN HF3876

City of Virginia may impose a local sales and use tax of up to 0.5 percent upon voter approval at the 2016 general election, subject to Minnesota Statutes section 297A.99 provisions.

City must pass a resolution supporting the tax and hold three informational hearings at the Miners Memorial Building outlining project costs and tax-funded expenses before the election.

Tax revenues must finance up to $18,000,000 in capital and administrative costs for renovation, expansion, and improvement of the Miners Memorial Building, including design, construction, property acquisition, parking, and debt service on related bonds.

City may issue bonds up to $18,000,000 plus issuance costs under Minnesota Statutes chapter 475, exempt from debt limitations and levy limitations, without requiring a separate election.

Tax expires when city council determines $18,000,000 plus bond issuance costs have been collected, with remaining funds placed in the city's general fund.