MN HF4279

City of Albert Lea authorized to extend its existing 0.5% local sales tax for additional projects, subject to voter approval at an election

Tax revenues would fund five projects totaling $40,000,000: water quality improvements for Shell Rock Watershed District ($20,000,000), Songbird Trail expansion ($9,300,000), Albert Lea Public Library expansion ($4,500,000), Snyder Field Complex improvements ($4,700,000), and Miracle Field at Edgewater Park ($1,500,000)

City may issue bonds up to $40,000,000 principal amount to finance the projects, with bonds exempt from city debt limitations and levy limitations

Extended tax expires at the earlier of 30 years after first imposed or when sufficient revenues are collected to pay for approved project costs and bond issuance costs

Effective upon compliance by Albert Lea's governing body and chief clerical officer with state notification requirements