By: Diane Benjamin
It has taken weeks to get an answer from the City, but we finally know the $10,000,000 bond payments for roads are not coming out of the Motor Fuel Tax or 1/4% Sales Tax that is dedicated to roads. Payments are made from the General Fund:
It doesn’t change the fact that road funding is way below what is required to even have roads rated as poor.
See this story for details: https://blnnews.com/2018/01/15/roads-arent-a-priority-in-bloomington/
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All tax revenue is deposited in and distributed from the General Fund. The email response is very vague. The question is, what was used to back the bond?
It obviously wasn’t the roads! Tee Hee
For every other capital improvement where a bond was issued, there has been a tax increase. Investors are not going to look kindly on a municipality with structural deficits and dwindling revenue. They are not going to just give money away.