Section 1, subdivision 1. [Sales and use tax authorization] Authorizes the city of Windom to impose, by ordinance, a sales and use tax of up to one percent. The tax is subject to voter approval at an election held on or before November 14, 2014.
Subdivision 2. [Excise tax authorization] Authorizes the city of Windom to impose an excise tax of $20 per motor vehicle sold in the city by a person engaged in selling motor vehicles at retail. The tax is subject to voter approval at a general election held on or before November 14, 2014.
Subdivision 3. [Use of revenues] Requires that the revenues from the taxes in subdivisions 1 and 2 must be used to pay for public facilities and option capitalization costs of a revolving loan fund for the Windom Economic Development Authority.
Subdivision 4. [Bonding authority] Authorizes the city to issue bonds to pay capital and administrative expenses for the project in subdivision 3.
Subdivision 5. [Termination of taxes] Requires the tax in subdivision 1 to expire 15 years after the imposition of the tax or when the city council determines that sufficient funds have been raised to finance the bonds costs in subdivision 3, whichever is earlier. The city council may also terminate the tax by ordinance.
This bill is effective the day after the city complies with Minnesota Statutes, section 645.021, subdivisions 2 and 3 (formal city council resolution of approval and timely filing of the approval with the Secretary of State).
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