This bill authorizes the city of Oak Park Heights to impose a local sales and use tax of one-half of one percent, contingent upon voter approval at a general election. The tax is intended to finance $41,000,000 for water infrastructure projects, along with associated bonding costs. The bill specifies that the revenues from this tax will be used for the costs of collecting and administering the tax, as well as for the designated infrastructure projects. Additionally, the bill outlines that the tax will be governed by existing Minnesota statutes regarding sales and use taxes, with certain exceptions.

Furthermore, the bill grants the city the authority to issue bonds to finance the water infrastructure projects, with a maximum principal amount of $41,000,000. The bonds can be secured by any available city funds, including the new tax revenue, and are exempt from certain debt limitations and approval processes typically required under state law. The tax will expire either 20 years after its implementation or once the city has collected the necessary funds for the project, whichever comes first. Any remaining funds after the tax's termination will be allocated to the city's general fund.