MN HF3822

Rochester may extend a one-half of one percent sales and use tax, subject to voter approval at a general election, for four specified projects totaling $205,000,000 in principal project costs.

Extended tax revenues must fund: $50,000,000 for housing vitality fund, $50,000,000 for street reconstruction, $40,000,000 for flood control and water quality, and $65,000,000 for a Regional Community and Recreation Complex, plus associated bonding costs.

City may issue up to $205,000,000 in bonds to finance all or part of the projects, with bonds excluded from debt limitations and not subject to separate voter approval.

Extended tax expires at the earlier of 24 years after first imposed or when sufficient revenues are collected to pay project costs and bond issuance expenses, with remaining funds placed in the city's general fund.

All provisions become effective the day after Rochester's governing body complies with Minnesota Statutes section 645.021.