MN SF3242

City of Rockville may impose a local sales and use tax of one-half of one percent, subject to 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 (up to $390,000).

City may issue up to $390,000 in bonds to finance the street improvement project, with bonds exempt from state debt limitations and levy limits, and no separate election required for bond approval.

Tax expires at the earlier of 15 years after imposition or when sufficient funds are collected to cover project costs and bond-related expenses, with any remaining funds going to the city's general fund.

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