(a) All of the revenues, interest, and penalties derived from the local sales and use tax imposed by this article collected by the
and remitted to the
shall be deposited by the director of finance in the
treasury and shall be credited to the fund established to pay the costs of collecting the local sales and use tax imposed by this article and to finance the capital and administrative costs directly related to completing the
.
(b) The local sales and use tax imposed by this article shall terminate at the earlier of (1) 20 years after the tax is first imposed, or (2) when the City Council determines that the amount received from the tax is sufficient to pay for the costs of the
as required under M.S. § 297A.99, subdivision 3, paragraph (a), plus an amount sufficient to pay the costs related to issuance of any bonds authorized pursuant to City Code § 4.77 and M.S. Chapter 475, including interest on the bonds. Except as otherwise provided in M.S. § 297A.99, subdivision 3, paragraph (f), any funds remaining after payment of the allowed costs due to the timing of the termination of the tax under M.S. § 297A.99, subdivision 12, must be placed in the general fund of the
. The tax imposed by this article may expire at an earlier time if the
so determines by ordinance.
(Ord. 2023-29, passed 12-4-2023)