http://rapidcityjournal.com/news/local/alderman-calls-for-rollback-to-old-vision-fund-process-mayor/article_8b626a26-53f1-5182-85d5-f9040cef281b.html
"Rapid City's drainage and streets need repairs, Alderman Ron
Weifenbach says, so the city should revert to its former policy of
directly devoting city sales tax money to them.
Not so fast, Mayor
Sam Kooiker says. By shifting back to the old ordinance dictating use
of the sales tax, he says, the city will miss new opportunities to issue
bonds for ambitious projects.
Just as they did in the recent
voter-rejected referendum on spending $180 million for an expansion of
the Rushmore Plaza Civic Center, Kooiker and Weifenbach have opposing
views on what the city should do with the proceeds from a 1-cent sales
tax.
By a previous city ordinance, half of proceeds of that tax
went to the Vision Fund, which has paid for Main Street Square, among
dozens of other amenities scattered throughout the city, and half went
to the Capital Improvements Project, which funds such citywide
public-improvement projects as street and drainage repairs.
Weifenbach, whose top priority is spending on roads, infrastructure and drainage, wants the city to revert to that split.
As
part of the expansion project, however, the city council passed a new
ordinance combining the proceeds from the Vision Fund and CIP. That
combination, expansion proponents argued, would secure a low interest
rate on the $180 million in bonds that would have financed the
expansion."
This article brings up a question for me. What other huge spending project is Mayor Kooiker thinking we'll need this new fund method for?
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