MN HF1614

City of Moorhead may impose a 0.5% local sales and use tax upon voter approval at a general election, subject to Minnesota Statutes section 297A.99.

Tax revenues must be used to pay collection and administration costs, and to finance up to $25,300,000 for construction of a regional library and community center, plus debt service on bonds issued for the project.

City may issue bonds up to $25,300,000 (plus issuance costs) to finance the project, with bonds exempt from debt limitations and levy limitations under Minnesota law.

Tax expires at the earlier of: 25 years after imposition, or when the city council determines sufficient revenue has been collected to pay project costs and bond-related expenses; city may also terminate earlier by ordinance.

Remaining funds after allowed costs are paid shall be placed in the city's general fund, except as otherwise provided in state law.