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S.F. No. 698 - Fairmont local sales tax authorization
Author: Senator Julie A. Rosen
Prepared By: Nora Pollock, Senate Counsel (651/297-8066)
Date: March 14, 2017


This bill authorizes the city of Fairmont to impose a 0.5% local sales tax, as approved by the voters in the November 2016 election, to finance capital and administrative costs of constructing and funding recreational amenities, trails, and a community center.

The bill authorizes the city to bond for up to $15 million for the projects. The local sales tax terminates at the earlier of 25 years or when the city council determines that sufficient funds have been raised from the taxes to pay the bonds issuance, including interest.

Effective the day after the city files its approval with the Secretary of State.

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