Margaret council raises city sales tax
by Will Heath
Jan 09, 2013 | 2693 views |  0 comments | 7 7 recommendations | email to a friend | print
MARGARET — The city council voted to increase the city’s sales tax at its regular meeting Tuesday.
The council held the second reading of an amendment to the city’s sales tax ordinance, which included an increase from 2 percent to 4 percent. The ordinance passed the council unanimously, without comment.
Councilwoman Bonnie Voss asked when the ordinance would take effect, and Mayor Isaac Howard said he believed it would be March 1 before the city saw the results of the increase.
The council also met with bond attorneys Larry Ward and Brad Green from Morgan Keegan, who explained refinancing options for the city’s existing warrants. According to them, the city could save money, and possibly issue new money at a lower interest rate.
Ward cautioned, however, that general obligation warrants must only be issued for capital projects, and that the city could not issue more than 20 percent of the value of all the properties in the city. Currently, the total value of all properties is around $28 million, giving the city roughly $5.7 million in general obligation borrowing power.
The council voted to authorize Ward and Green to begin the refinancing process, but said more discussion is necessary before taking action on any new money.
“We want to make sure we borrow what we can afford, not what we want,” councilman Charles Hicks said.
In other business, the council:
• Set a work session for Jan. 14 to discuss personnel in the fire department and public works department. 
• Approved Jan. 1 invoices.
• Approved the minutes of the Dec. 17 regular meeting.
• Adjourned into an executive session to discuss the good name and character of an employee. The council took no action after returning to session, except to adjourn the meeting. 

Post Your Stuff