MN SF3505

City of Virginia may impose a local sales and use tax of up to one-half of one percent, subject to voter approval at the 2016 general election.

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

Prior to the election, the city must pass a supporting resolution and hold three informational hearings at the Miners Memorial Building outlining project costs and tax funding allocations.

City of Virginia may issue bonds of up to $18,000,000 plus issuance costs, with bond repayment exempt from debt limitations and levy limitations under state law.

Tax expires when the city council determines $18,000,000 plus bond-related costs have been collected, with any remaining funds transferred to the city's general fund.