Cape Girardeau, Missouri has a pay as you go transportaiton fund that works like this:
- Funds are held in a restricted account to fund a group of pre-established projects that are completed over a 5 year period.
- Projects are scheduled as the sales taxes were collected
- Always will be on a “pay-as-you-go” system.
- No bonds would be issued; thus no interest paid.
- Creates a user’s tax funded by citizens and visitors who use our streets.
- Sunsets every 5 years and requires citizen approval to re-authorize, with projects listed.