Purpose of the Bill

The purpose of the bill is to extend the duration of the local sales and use tax in Hermantown, Minnesota. This extension aims to allow the city to continue raising funds through this tax to cover specific costs and improvements.

Main Provisions

• Extension of Tax Duration: The bill proposes extending the termination date of Hermantown's local sales and use tax from December 31, 2036, to December 31, 2046.
• Funding for City Projects: The tax is used to fund various city projects, including costs related to bonds and their associated expenses.
• Conditions for Termination: The tax will end when either the new termination date is reached, or when the city council determines that sufficient funds have been collected for the intended projects, whichever comes first.
• Remaining Funds: If there are any remaining funds after the completion of the projects and related financial obligations, they may be transferred to Hermantown's general fund.

Significant Changes

• The bill changes the termination date of Hermantown's local sales and use tax from 2036 to 2046, effectively giving the city an additional ten years to collect tax revenue for its projects.

Relevant Terms

• Local sales and use tax
• Hermantown
• Tax extension
• City council
• Bonds
• General fund