This bill authorizes the city of Lanesboro, Minnesota, to impose a local sales and use tax of up to one-half of one percent, contingent upon voter approval. The tax is intended to fund specific projects, including $500,000 for rehabilitation and improvements to Sylvan Park and $2,000,000 for the Trunk Highway 250 road improvement project. The bill stipulates that the tax will be governed by existing state statutes regarding local sales taxes, with the exception of certain provisions that are modified to accommodate the city's specific needs.

Additionally, the bill grants Lanesboro the authority to issue bonds to finance these projects, with a maximum aggregate principal amount of $2,500,000. The bonds will not be subject to certain debt limitations and do not require a separate election for approval. The tax will expire either 30 years after its imposition or when the city council determines that sufficient funds have been raised to cover the project costs, including bond issuance costs. Any remaining funds after the tax's termination will be allocated to the city's general fund. The effective date of this legislation is contingent upon compliance with specific state statutory requirements by the city's governing body.