MN SF4355

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

Tax revenues designated for five specific 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 (plus issuance costs) to finance the projects, with bonds excluded from city debt limitations and not requiring a separate voter approval election

Extended tax expires at the earlier of 30 years after first imposed or when revenues collected are sufficient to pay all project costs and bond-related expenses

Effective upon compliance by Albert Lea's governing body and chief clerical officer with Minnesota Statutes section 645.021