SF 4561

as introduced - 92nd Legislature (2021 - 2022) Posted on 05/03/2022 08:05am

A bill for an act
relating to taxation; sales and use; modifying the authorization for the Little Falls
local sales tax; amending Laws 2021, First Special Session chapter 14, article 8,
section 11, subdivisions 2, 3.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Laws 2021, First Special Session chapter 14, article 8, section 11, subdivision
2, is amended to read:

Subd. 2.

Use of sales and use tax revenues.

new text begin (a) new text end The revenues derived from the tax
authorized under subdivision 1 must be used by the city of Little Falls to pay the costs of
collecting and administering the tax and for up to deleted text begin $17,000,000 deleted text end new text begin $30,000,000 new text end for the cost of
constructing a community recreational facility that includes a gymnasium with an indoor
track, multipurpose rooms for meeting and educational spaces, office and storage space,
and outdoor recreational facilities for aquatic recreation with a master plan to incorporate
future additions to the facility.

new text begin (b) The modification to the amount of revenues that may be used to fund the project
under paragraph (a) applies notwithstanding the requirements in Minnesota Statutes, section
297A.99, subdivision 2, paragraphs (a) and (b).
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day after the governing body of the
city of Little Falls and its chief clerical officer comply with Minnesota Statutes, section
645.021, subdivisions 2 and 3.
new text end

Sec. 2.

Laws 2021, First Special Session chapter 14, article 8, section 11, subdivision 3,
is amended to read:

Subd. 3.

Bonding authority.

(a) The city of Little Falls may issue bonds under Minnesota
Statutes, chapter 475, to finance all or a portion of the costs of the project authorized in
subdivision 2 and approved by the voters as required under Minnesota Statutes, section
297A.99, subdivision 3, paragraph (a). The aggregate principal amount of bonds issued
under this subdivision may not exceed deleted text begin $17,000,000 deleted text end new text begin $30,000,000 new text end for the project listed in
subdivision 2 plus an amount needed to pay capitalized interest and an amount to be applied
to the payment of the costs of issuing the bonds. The bonds may be paid from or secured
by any funds available to the city of Little Falls, including the tax authorized under
subdivision 1. The issuance of bonds under this subdivision is not subject to Minnesota
Statutes, sections 275.60 and 275.61.

(b) The bonds are not included in computing any debt limitation applicable to the city
of Little Falls, and any levy of taxes under Minnesota Statutes, section 475.61, to pay
principal and interest on the bonds is not subject to any levy limitation. A separate election
to approve the bonds under Minnesota Statutes, section 475.58, is not required.

new text begin (c) The modification to the amount of bonding authority under paragraph (a) applies
notwithstanding the requirements in Minnesota Statutes, section 297A.99, subdivision 2,
paragraphs (a) and (b).
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day after the governing body of the
city of Little Falls and its chief clerical officer comply with Minnesota Statutes, section
645.021, subdivisions 2 and 3.
new text end