Mitchell Can Improve Corn Palace With Money, Bonds
by Associated Press
April 11, 2012 9:11 AM
Officials in Mitchell say the city could invest a significant amount of money in an improved Corn Palace without asking for a tax increase from residents.
Council members were told this week that the city has more than $70 million in bonding capacity remaining, and it has an additional $1.7 million in cash to be dedicated to a project such as improving the Corn Palace.
Finance Officer Marilyn Wilson says Mitchell has an assessed value of $632 million. She says the city could still borrow more than $17 million for capital improvement and other projects and bond more than $55 million for water and other basic infrastructure projects.
The council says it has no intention to go that far in debt.