When dealing with hundreds of millions of dollars, we should demand good accountability. 1) The financing method will make it nearly impossible to retract if we don't like how things are going. In the April 1 LOST meeting, the mayor made it clear that if all goes well, they can start the flood portion of the project next year, in 2012. He also stated that the project should take 2 years to build the system. That means the construction project should complete in 2014, the same year we START to collect the tax. In addition, the 114 or so road projects he mentioned could start immediately. When the government funds massive projects before they collect any of the money, they bond to get the funds. That's the government's equivalent of getting a loan. Once the city gets money from selling bonds, it carries an obligation to pay the bond holders back. If we don't like what the city is doing later, we could try to vote to retract the tax. However, since bonding is involved, some people aren't sure if it's even legal to do; but if it is, the city would still have to make payments, or default on their bonds/loans. There is NO changing your mind if this passes and they issue bonds. They will front-load spending the majority of money they haven't even started to collect! 2) Current LOST funds have an oversight committee with no authority, and the council |