Wal-Mart Stores Inc. of Bentonsville, AR, the biggest taxpayer in this city of an estimated 30,000 permanent residents, has helped the municipality broaden its revenue base since opening a Super Wal-Mart store with an estimated 150,000 sf in the late 1990s.
Phenix City relies heavily on retail sales taxes for the bulk of its revenue, Patricia Hunt, the city's finance director and treasurer, tells GlobeSt.com. A rating from a firm such as Standard & Poor’s is similar to an insurance policy on the warrants, Hunt says.
General obligation warrants typically are 20 years in length and are paid through the city’s general fund. The warrants are expected to sell by the end of the year.
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