One of many issues that wasn't really addressed in this week's City Hall town hall . . .
The CFRG believes the GO bond will carry an unlimited tax obligation. As such it would grant the city the “ability to tax without limit on all property real and personal to secure the interest and principle in order to repay the debt.” In other words, if interest rates go through the roof, the City could conceivably raise property taxes as much as necessary to pay the principal and interest on the bonds.
Check a worthwile write-up from Jack Cashill's news site . . .
Mayor James Fails To Sell KC Audience on GO Bonds
The CFRG believes the GO bond will carry an unlimited tax obligation. As such it would grant the city the “ability to tax without limit on all property real and personal to secure the interest and principle in order to repay the debt.” In other words, if interest rates go through the roof, the City could conceivably raise property taxes as much as necessary to pay the principal and interest on the bonds.
Check a worthwile write-up from Jack Cashill's news site . . .
Mayor James Fails To Sell KC Audience on GO Bonds
NO NO NOOOO! Everyone was cheering loudly for it and gave the Mayor a 30 minute standing ovation at the end of his presentation!!!!!
ReplyDeleteAnd he did a meet an greet too!
ReplyDeleteBS vote NO.
ReplyDeleteBeing able to borrow money and the interest rate attached depends on the ability to pay it back.
ReplyDeleteA city's ability to pay depends on its authority to raise money, which is to say, to tax.
If principle plus interest payments exceed the amounts raised by the original tax increase, the city has to either divert money from the general fund which pays for basic services that residents depend on, or increase taxes in one way or another.
While public finance can be complex and difficult to understand, it is still based on arithmetic, which isn't so hard to figure out.
The bond issue may be affordable for KCMO and, if projects were chosen thoughtfully and intelligently, repair of infrastructure in the city is certainly desperately needed.
But the way decisions and priorities are set at 12th and Oak and the utterly disingenuous bond campaign that has been undertaken so far make it highly unlikely that people will really know what they're voting on and that if the issue passes, how the money will actually be spent.
There's been lots of cheer leading, grandiose claims, upside-down priorities, and wasted money by this administration, and its credibility is justifiably very very low.
They have to be hoping for a low-turnout low-information election driven mostly by deceit and mindless enthusiasm.
And, given past issue elections, they may well be right.
Dan Coffey: The douche that keeps on douching.
ReplyDeleteTrolley boy: The ad hominem troll that just keeps trolling.
ReplyDeleteNow is the time for all county residents, outside KC proper, to fake register to vote and pass this huge tax as payback for the earnings tax screwing we got from the folks in KC. Remember, there is no such thing as voter fraud in libtard land and you will never be asked for ID!
ReplyDelete