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S.F. No. 1839 - Wabasha Local Option Sales Tax Authorization
 
Author: Senator Matt Schmit
 
Prepared By: Nora Pollock, Senate Counsel (651/297-8066)
 
Date: March 24, 2014



 

Authorizes the city of Wabasha to impose a local sales and use tax of up to one percent.  The tax was approved by city voters at the November 2012 general election.  Revenues from the tax must be used to administer the tax; fund capital improvements to city streets, utilities, and municipal buildings, pursuant to the city’s capital improvement plan adopted in June 2013; and pay debt service on bonds.  Authorizes the city to issue bonds up to $4.5 million to fund the capital improvements plus the cost of issuing the bonds.  The tax terminates at the earlier of 20 years after the tax is first imposed, or when the city council determines that the $4.5 million plus bond issuance costs has been received.  The city may also terminate the tax by ordinance at an earlier time.  Funds remaining after payment are placed in the city’s general fund.  Effective upon the city filing approval with the secretary of state.

 
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