http://rapidcityjournal.com/news/opinion/mailbag/feb-letters/article_c56d7187-13d7-531d-9bd5-0819ad3fbc86.html
"Our Legislature sets legal debt limits for every municipality to
insure residents will not be subject to excessive debt. Rapid City's
limit is $212 million. Currently, we have $92 million in outstanding
bonds, leaving a maximum of $120 million in bonding capacity.
The
civic center expansion is projected to cost $180 million. That's $60
million (30 percent) over our legal bonding indebtedness. To pay this
difference, the city will issue Certificates of Participation to
investors. The city will then survey and plat that $60 million
construction portion and commence a sale-leaseback with investors. Once
the city repays investors, ownership reverts back to Rapid City."
Interesting point. And I agree, this is too many eggs in one basket. I'm beginning to think this is all about Sanford Premier Center envy.
They are actually going to do 120 million in COPs' to reserve the abilty to bond for another 60 million, yikes !
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