S.F. No. 2349 - Summary

• City of North Mankato authorized to impose a one-half of one percent sales and use tax for capital projects including highway interchange, regional parks, trails, library expansion, riverfront redevelopment, and lake improvements.

• Extended bonding authorization from $9,000,000 to $15,000,000 for the projects, with associated bond costs and exemption from separate election approval under Minnesota Statutes chapter 475.

• Total tax revenue cap increased from $15,000,000 to $21,000,000, plus bond issuance costs and interest.

• Tax expiration extended from December 31, 2038 to December 31, 2044, or when revenues reach $21,000,000 plus bond-related costs.

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