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RR council to vote on tax, GO bond issues on Wednesday

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The agenda for the Rio Rancho City Council meeting on Wednesday, Dec. 11 includes resolutions for putting two gross receipts tax questions and a general obligation bond question to voters at the March municipal election.

One resolution pertains to a one-quarter cent “municipal outlay gross receipts tax” which could be used for things like infrastructure improvements and firefighting equipment, according to state law. The tax would add 25 cents to a $100 purchase.

Another resolution pertains to a one-eighth of a cent “municipal infrastructure gross receipts tax” which , by law, could be used for infrastructure, public transit and economic development among other things. The tax would add 12.5 cents to a $100 purchase.

The general obligation bond resolution contains options for voters to consider which could allow the city to issue up to $8 million in bonds to pay for road improvements police and fire department vehicles and park improvements.

If approved, the bonds would be backed by an increase in property taxes. It would raise the annual tax on a home valued at $100,000 by $9.27.

 

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