Last week after the first reading of this ordinance, some of us with the Citizens for a Responsible Sales Tax have our suspicians.
1st Reading: AN ORDINANCE OF THE CITY OF SIOUX FALLS, SD (THE “CITY”), AUTHORIZING THE ISSUANCE OF ITS SALES TAX REVENUE BONDS IN ONE OR MORE SERIES, AUTHORIZING THE USE OF THE PROCEEDS THEREOF TO PAY THE COSTS OF IMPROVEMENTS TO THE EXISTING DIVERSION DAM, CONSTRUCTION OF A NEW DAM AT THE CONFLUENCE OF SKUNK CREEK AND THE BIG SIOUX RIVER, REBUILDING THE 41ST STREET BRIDGE AND RAISING THE LEVEES TO PROVIDE ADEQUATE FLOOD RISK REDUCTION ALONG THE BIG SIOUX RIVER, SKUNK CREEK, AND THE DIVERSION CHANNEL IN THE CITY, PLEDGING A PORTION OF THE SALES AND USE TAX PROCEEDS OF THE CITY TO THE PAYMENT OF SAID SALES TAX REVENUE BONDS, FIXING THE TERMS OF SUCH SALES TAX REVENUE BONDS, AUTHORIZING THE EXECUTION AND DELIVERY OF ONE OR MORE SUPPLEMENTAL INDENTURES BETWEEN THE CITY AND THE FIRST NATIONAL BANK IN SIOUX FALLS, AND AUTHORIZING THE SALE, EXECUTION, AND DELIVERY OF SUCH SALES TAX REVENUE BONDS.
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Ord. 0046Â (this is a detailed PDF of ordinance)
We think by borrowing MONEY against Sales Tax revenue (2%) Â it will prevent our initiative to lower the sales tax to 1.9% because of a little known state law. Munson wants to ram this vote through shortly after the 1st in hopes other councilors and the media don’t pick up on it. Well guess what Dave, we are watching, and if you pull off this stunt you are going to have to answer to A LOT of people.
I’ll have more on this later.