SF 2921

as introduced - 83rd Legislature (2003 - 2004) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to the city of Mankato; expanding use of 
  1.3             local sales tax revenues; amending Laws 1991, chapter 
  1.4             291, article 8, section 27, subdivision 4. 
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  Laws 1991, chapter 291, article 8, section 27, 
  1.7   subdivision 4, is amended to read: 
  1.8      Subd. 4.  [EXPIRATION OF TAXING AUTHORITY AND EXPENDITURE 
  1.9   LIMITATION.] The authority granted by subdivisions 1 and 2 to 
  1.10  the city to impose a sales tax and an excise tax shall expire on 
  1.11  the earlier of (1) December 31, 2018; (2) when the principal and 
  1.12  interest on any bonds or obligations issued to finance 
  1.13  construction of Riverfront 2000 and related facilities have been 
  1.14  paid; or (3) at an earlier time as the city shall, by ordinance, 
  1.15  determine.  The total scheduled principal payments on bonds 
  1.16  issued under subdivision 5, and capital, administrative, and 
  1.17  operating expenditures payable from bond proceeds and revenues 
  1.18  received from the taxes authorized by subdivisions 1 and 2, 
  1.19  excluding investment earnings on bond proceeds and revenues, 
  1.20  shall not exceed $25,000,000 $4,000,000 in any year for 
  1.21  Riverfront 2000 and related facilities. 
  1.22     [EFFECTIVE DATE.] This section is effective upon compliance 
  1.23  by the city of Mankato with section 645.021, subdivision 3.