MN SF3674

City of Oak Park Heights authorized to impose a 0.5% local sales and use tax, contingent on voter approval at a general election

Tax revenues must fund $41,000,000 plus associated bonding costs for water infrastructure, along with collection and administration costs

City may issue bonds up to $41,000,000 plus issuance costs under Minnesota Statutes chapter 475; bonds are excluded from city debt limitations and levy limitations

Tax expires at the earlier of 20 years after first imposed or when $41,000,000 plus bond-related costs have been collected; city may terminate earlier by ordinance

Remaining funds after tax termination go to the city's general fund