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published on 01/25/2007
A “Win-Win” Situation for the Entire Community
By
Founders Fund
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Important points to consider:
1.In 1999, the Towns of Signal Mountain and Walden passed a 1/2 cent sales tax referendum to "raise money for the construction of a public high school on Signal Mountain." This referendum passed by 465 votes, 69% to 31%.
In 2004, the Town of Signal Mountain passed a referendum that issued bonds of $7.7 million “...for the construction of a high school and middle school building project...” that are payable by a property tax, and that this debt “...MAY be supplemented by proceeds from the 1999 one-half cent sales tax OR other revenues presently collected within the Town of Signal Mountain.” This referendum passed by 271 votes, 55% to 45%. Please note that the language in the quotations above was crafted to be left open to interpretation. The initial money collected from the ’99 sales tax referendum was not used to pay down the debt, but to lower the amount of money that needed to be borrowed to $7.1 million.
2. If the currently held and future sales tax money is used for bond repayment, it would do very little to reduce current property tax bills. This money would shorten the length of repayment, but individuals and families would not realize a tax reduction for another 10-15 years (whenever the bond is paid in full). We believe that funding current critical needs would provide the greater return on the sales tax money, helping us achieve the goal of a national quality high school. The Town would be given credit for supporting the school, and the citizens would have access to a wonderful facility that would foster community spirit. We are not talking about "extras" here, but items that are a critical part of any functional high school.
3. The mountain’s citizens voted to tax themselves not once, but twice: because we wanted a world-class community middle and high school here on the mountain. Does it make sense to pay off the debt a little more quickly, when we can instead choose to create a high school of national reputation that will truly "complete our community" and help bring us back together?
If would like to contribute and/or attend an informational party, please talk to someone on the Founders’ Fund Board, or send an e-mail to .
www.foundersfund.org
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