RES 18-48 - Laserfiche WebLink

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1. To facilitate strategic investment in the region and community, the City proposes to submit to electors the question of whether to impose a local sales and use tax of one-half of one percent (0.51/6) on items that are taxable by the State of Minnesota in order to raise revenue of $35,000,000 to fund the acquisition and betterment of Recreational Facility Improvements and certain park improvements, including the senior activity services, Lake Orono dredging, trails, Lake Orono Park improvements, and Youth Athletic Complex improvements as identified in park master plans. The question of imposing the taxes shall be submitted to the qualified electors of the City as city ballot question. 2. The tax would expire at the earlier of (1) 25 years after the tax is first imposed, or (2) when the City Council determines that the amount of revenues received from the taxes to finance the improvement equals or exceed $35,000,000, plus the additional amount needed to pay the costs related to the issuance of the bonds, including interest on the bonds. 3. The Council further finds it is in the best interest of the health, welfare, and safety of the City and its residents and it is necessary and expedient to the sound financial management of the affairs of the City that the acquisition and betterment of the facilities identified in Section I hereof, or any part thereof, be financed in whole or in part by the issuance and sale of the City's general obligation bonds pursuant to Minnesota Statutes, Chapter 475, as amended (the `Bond Act") in one or more series in an aggregate principal amount not to exceed $35,000,000 plus an amount equal to interest and the costs of the issuance of any bonds. Passed and adopted this 16a' day of July 2018 Im . Dietz Iayor ATTEST: Tina Allard, City Clerk �� P0V[A[0B1 F:lbw ruRE