EDITOR:
Why put the largest tax grab in August? Statistically, low voter turnout. Also, I believe the reasoning the county commissioners picked August: they are not certain the merits of the jail tax and not certain general obligation bonds will be approved if there is a large voter turnout.
Why 20 years? The tradition has been set for the last 30 years to sunset a sales tax after 10 years. Platte County Treasurer Rob Willard’s letter to the editor made a great point: two generations of citizens will pass before this tax sunsets.
Why not just tell the whole story? It’s not just $85 million of general obligations bonds. The bonds will be guaranteed to the holders of the bonds on the good faith and credit of the County of Platte. That’s where the sales tax increase comes into play.
Here is the simple math: projected sales tax collection: $408 million minus general obligation bond sale: $85 million = Surplus: $323 million.
What is the surplus annually? Projected: $16.1 million less interest payments
Has the credit rating of the county been restored to the highest rating of the past? NO! Moody’s rates the County of Platte as JUNK and Standard & Poor’s is similar at Ba3 (Below investment grade). I recommend waiting until our rating gets closer to the early 2000’s of 2a+.
What does that mean? The general obligations bond sale probably will have a higher interest rate.
What is the pay-off plan for the general obligation bonds? I don’t know.
What happens after 20 years? The jail should still be in operation and will undoubtedly require another tax after the 20-year sunset.
Who will oversee the financial spending of the tax revenues? The county commission.
Recommendation to the county commission: It’s this simple: Trim the length and size. Work on increasing the creditworthiness of the county.
I will be voting NO on Platte County Question 1 & 2.
--Steve Wegner
2nd District Commissioner 2001-2004
43-year resident of Platte County
