MN SF1395

City of Fairmont may impose a 0.5% sales and use tax if approved by voters at a general election, subject to Minnesota Statutes section 297A.99.

Tax revenues must be used to pay collection and administration costs and finance up to $20,000,000 plus bonding costs for construction of a community center and ice arena.

City may issue bonds up to $20,000,000 principal plus issuance costs under Minnesota Statutes chapter 475, with bonds not subject to debt limitations or separate election requirements.

Tax expires at the earlier of 25 years after imposition or when the city council determines sufficient funds have been collected to pay all authorized project costs including bond interest, or by earlier city ordinance.

Remaining funds after project costs are paid must be placed in the city's general fund.