MN SF987

Authorizes the city of Rochester to extend a one-half of one percent local sales and use tax upon voter approval for specified projects.

Tax revenues must be used for: $50 million for economic vitality fund, $50 million for street reconstruction, $40 million for flood control and water quality, and $65 million for a Regional Sports and Recreation Complex, plus associated bonding costs and tax administration.

Permits Rochester to issue up to $205 million in bonds (plus issuance costs) to finance all or part of the authorized projects, with bonds secured by tax revenues and the city's full faith and credit.

Tax expires at the earlier of 24 years after first imposition or when sufficient revenues are collected to pay project costs and bond-related expenses, or by earlier city ordinance.

Bonds are exempt from state debt limitations and levy limitations, and no separate election to approve bonds is required.