This bill authorizes the city of Osseo to impose a local sales and use tax of one percent, contingent upon voter approval. The tax is intended to fund specific projects, including $10 million for the Boerboom Park Community Hub Project, $3 million for City Hall renovations, and $500,000 for improvements to Sipe Park. The bill outlines that the revenues from this tax will cover the costs of collection and administration, as well as the specified projects. Additionally, the city is granted the authority to issue bonds to finance these projects, with specific limits on the aggregate principal amount for each project.

The bill also establishes provisions for the termination of the tax, which will expire either 20 years after its imposition or when the city council determines that sufficient funds have been raised to cover the project costs and bond issuance expenses. It clarifies that the bonds issued for these projects will not be subject to certain debt limitations and do not require a separate election for approval. The effective date of the bill is contingent upon compliance with specific statutory requirements by the governing body of the city of Osseo.