Click Here To Advertise! Click Here To Advertise!

KFMC - Best Mix 106, KSUM - Ag Country 1370 AM
Home Page
News

  Back

Markets
Weather
Sports
Contests
About KSUM
About KFMC
Advertising


Click here to get started.

EEO Information
Fairmont Area Events Calendar
Project 1590
Classic KFMC on Facebook
KSUM Country on Facebook
Minnesota Road Info
Iowa Road Info
Fairmont Public Schools
Granada-Huntley-East Chain Schools
Martin County West Schools
Martin Luther High School
Truman Public Schools
City of Fairmont
Visit Fairmont Minnesota
Martin County Government
Blizzard Snowmobile Club
Martin County Humane Society



06/27/2017

THE FAIRMONT CITY COUNCIL MONDAY APPROVED THE ORDINANCE ADOPTING A HALF CENT LOCAL OPTION SALES AND USE TAX FOR THE CITY TO TAKE EFFECT ON OCT. 1 THIS YEAR. CITY VOTERS HAD APPROVED THE LOCAL OPTION IN LAST NOVEMBER'S GENERAL ELECTION BY A 61-38 PERCENT MARGIN. THE TAX HAD TO BE APPROVED BY THE STATE LEGISLATURE WHICH IT WAS DURING THE SPECIAL SESSION RECENTLY COMPLETED AND THEN HAD TO BE APPROVED BY CITY ORDINANCE WHICH IT WAS LAST NIGHT. FUNDS FROM THE TAX ARE TARGETED FOR LOCAL RECREATION AMENITIES INCLUDING A POSSIBLE COMMUNITY CENTER.

THE HALF CENT TAX IS EFFECTIVE FOR 25 YEARS OR UNTIL THE AMOUNT COLLECTED REACHES 15 MILLION DOLLARS. THE STATE WILL COLLECT THE TAX GENERATED THROUGH THE SALE OF GOODS AND SERVICES FROM FAIRMONT BUSINESSES.

THE COUNCIL WAS UPDATED BY FINANCIAL CONSULTANT BILL FAHEY OF NORTH LAND SECURITIES WHO REPORTED ON THE SUCCESSFUL SALE OF 2,950,000 DOLLARS IN IMPROVEMENT BONDS FOR THE MARGARET STREET RECONSTRUCTION AND HIGHWAY 15 PROJECTS. HE SAID THE CITY STANDS TO GAIN AN EXTRA 74,000 DOLLARS FOR THOSE PROJECTS THANKS TO THE CITY'S AA3 CREDIT RATING.

FAHEY WENT ON TO SAY THE CITIES CREDIT RATING WAS THE REASON THE SALE WENT EXTREMELY WELL WITH AN UNEXPECTED TRUE INTEREST COST OF 2.42 PERCENT.

BILL FAHEY SAID THE BEST BID CAME FROM UNITED MISSOURI BANK OF KANSAS CITY WITH THE PURCHASE PRICE OF 3,OO3,395 DOLLARS WITH NET INTEREST COST AT 658,393 DOLLARS TO BEAT OUT FOUR OTHER BIDDERS.



ROD HALVORSEN
© 2015 KSUM KFMC


Back


Click Here To Advertise!
Click Here To Advertise!

| HOME PAGE | NEWS | MARKETS | EMPLOYMENT | WEATHER |
| SPORTS | CONTESTS | ABOUT KSUM | ABOUT KFMC |
| ADVERTISING | HIDDEN PAGES |


© 2017 KFMC 106, KSUM 1370 AM -- All Rights Reserved.

Lawrence and Schiller: Putting the Web to Work