S.F. No. 4538 Summary

• Authorizes the city of Rockville to impose a one-half of one percent local sales and use tax upon voter approval at a general election.

• Tax revenues must be used to pay collection and administration costs, and to finance street improvements on Lake Road from County Road 6 to 1,000 feet south of Lena Lane, with up to $390,000 in bonding authority.

• Bonds issued for the project are exempt from state debt limitations and levy limitations, and do not require a separate election for approval.

• Tax expires at the earlier of 15 years after imposition or when the city council determines sufficient revenue has been collected to pay project costs and bond-related expenses, or by earlier city ordinance.

• Effective upon compliance with Minnesota Statutes section 645.021 by the city of Rockville's governing body and chief clerical officer.