City Council Corrects Occupational Tax Error Related To Liquor License

The Minden City Council approved Ordinance 1159 for the occupational tax per liquor license for the city of Minden at their meeting on Tuesday, February 21.
According to City Attorney Tom Lieske, the city has been collecting the tax since the ordinance was originally passed but it was not published within 30 days and thus was not legally complete.
Lieske added the city does not have the power to refund the taxes paid because they were not paid under protest by any Minden taxpayers.
The ordinance was read and approved, with a motion passed to suspend the three readings as the ordinance had been passed previously.
Prior to Ordinance 1159, the council approved Resolution 1579 to call in the old Paving Bonds, Ameritas, followed immediately by approval of Ordinance 1173 to issue new paving bonds.
Marc Munford gave the board an outline of the final savings coming to the city due to the early-call of the bonds.
The average coupon rate on the bonds that were called in was 4.65 percent; the newly issued bonds hold an all inclusive rate of 1.86%, and a call date on December 15, 2013.
Over the next 12 years, the city was expected to save $263,000. City Administrator Matt Cederburg added ā€œIā€™d like to take this time to thank Marc for walking us through the entire process.ā€
The city first became aware of a possible savings in the fall of 2011, when interest rates had already reached record lows and the council was encouraged to consider the early-call option on their bonds.
They continued to watch the interest rates drop until the savings became too enticing to pass on.

For full details, read The Minden Courier

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