MN SF5394

City of Austin may impose a 0.5% local sales and use tax upon voter approval, with revenues dedicated to collection costs and financing up to $25,000,000 plus bonding costs for a law enforcement center.

City may issue bonds under Minnesota Statutes chapter 475 with aggregate principal not exceeding $25,000,000 for the law enforcement center project, plus costs of bond issuance.

Bonds are exempt from debt limitations and levy limitations applicable to the city, and a separate election to approve bonds is not required.

Tax expires at the earlier of 14 years after imposition or when the city determines sufficient revenue has been collected to pay $25,000,000 in project costs plus bond-related expenses, including interest.

Any remaining funds after the allowed costs are paid shall be placed in the city's general fund, and the city may terminate the tax earlier by ordinance.