MN SF3990

City of Fairmont may impose a one-half of one percent local sales and use tax if approved by voters at a general election.

Tax revenues must fund improvement, rehabilitation, or reconstruction of streets, sidewalks, curbs, and gutters rated at 40 or under on the city's biennial street rating system, up to $30,000,000, with priority for streets serving educational facilities, government facilities, or health care providers.

City may issue up to $30,000,000 in bonds to finance project costs, with bonds exempt from state debt limitations and levy limitations, and no separate election required for bond approval.

Tax expires at the earlier of 25 years after imposition or when sufficient revenue is collected to pay the $30,000,000 project costs plus bond-related expenses, or earlier if the city determines by ordinance.

Remaining funds after project completion are deposited in the city's general fund.