This bill amends the existing law regarding the local sales and use tax in Hermantown, Minnesota, specifically extending the duration of the tax. The current termination date of the tax, set for December 31, 2036, is changed to December 31, 2046. This extension allows for continued funding for specified improvements and associated bond costs until the new termination date. Additionally, any remaining funds after the completion of the improvements and the retirement of bonds can be allocated to the city's general fund.

The bill also includes a provision stating that the changes will take effect the day after final enactment without requiring local approval, as outlined in Minnesota Statutes, section 645.023, subdivision 1. This ensures a smooth transition to the new tax timeline and funding structure for the city of Hermantown.