MN SF2710

City of Proctor may impose a 0.5% local sales and use tax upon voter approval at a general election.

Tax revenues must be used to pay collection and administration costs and finance up to $6,900,000 plus bonding costs for construction of a new regional and statewide trail spur in the city.

City may issue bonds under Minnesota Statutes chapter 475 with aggregate principal not to exceed $6,900,000 plus bond issuance costs, with bonds not subject to debt limitations or levy limitations.

Tax expires at the earlier of 20 years after imposition or when the city council determines sufficient funds have been collected to pay project costs and bond-related expenses, with any remaining funds placed in the city's general fund.

Legislation becomes effective the day after the city of Proctor's governing body and chief clerical officer comply with Minnesota Statutes section 645.021, subdivisions 2 and 3.