HF 1300 Summary

• City of Waite Park may impose a one-half of one percent local sales and use tax upon voter approval at a general election.

• Tax revenues must be used for three specific projects: up to $10,000,000 for the 10th Avenue regional corridor project, up to $7,500,000 for regional trail connections, and up to $20,000,000 for construction and equipping of a public safety facility, plus associated bonding costs.

• City may issue bonds under Minnesota Statutes chapter 475 to finance all or part of the authorized projects, with maximum principal amounts of $10,000,000, $7,500,000, and $20,000,000 respectively, excluding capitalized interest and issuance costs.

• Bonds are exempt from debt limitations and levy limitations applicable to the city, and no separate election to approve bonds is required.

• Tax expires at the earlier of 25 years after imposition or when sufficient revenue is collected to pay project costs and bond obligations, though city council may terminate the tax earlier by ordinance.