To BC
You do give a lot of food for thought; and the question is whether the end achievement was legal and ethical. The question of legality; BF has a city attorney; and as a BF resident I would hope he would be aware of legalities. The question of ethics. WW mentioned there is a hearing this week on the ballot issue. If you had read all the posts; BBW said that the repeal issue is to add to the ballot that if this group wins and BF looses county status; then BF will ask that the state reimburse BF for the expenses of becoming a county. So far those expenses for buildings are just over 23 million dollars.
The consistent standard from the feasibility study to the present is that the funding would be achieved through COPS. These are Certificates of Participation; financed by private investors and paid off at horrible interest rates. If the payment cannot be made on schedule; the owners of the COPS become the owners of the properties. As late as Aug.; it was in the Enterprise that a City and County Nonprofit Building Corporation has been formed to sell 23 million in COPS; that the renovation of Garden Center will be partially financed by the use of Community Development Grants from the federal government (Sept 25 Enterprise), and that the operating costs of the city court system (approximately $328,000) will be reimbursed by the state.
As we are dealing with private investors, the federal government, and the state government as stated from BF city officials; so far what costs could the BF group be asking for from the state. Is it legal? Yes. Is it an ethical question to put to state voters? You decide.
By Br Anonymous
You do give a lot of food for thought; and the question is whether the end achievement was legal and ethical. The question of legality; BF has a city attorney; and as a BF resident I would hope he would be aware of legalities. The question of ethics. WW mentioned there is a hearing this week on the ballot issue. If you had read all the posts; BBW said that the repeal issue is to add to the ballot that if this group wins and BF looses county status; then BF will ask that the state reimburse BF for the expenses of becoming a county. So far those expenses for buildings are just over 23 million dollars.
The consistent standard from the feasibility study to the present is that the funding would be achieved through COPS. These are Certificates of Participation; financed by private investors and paid off at horrible interest rates. If the payment cannot be made on schedule; the owners of the COPS become the owners of the properties. As late as Aug.; it was in the Enterprise that a City and County Nonprofit Building Corporation has been formed to sell 23 million in COPS; that the renovation of Garden Center will be partially financed by the use of Community Development Grants from the federal government (Sept 25 Enterprise), and that the operating costs of the city court system (approximately $328,000) will be reimbursed by the state.
As we are dealing with private investors, the federal government, and the state government as stated from BF city officials; so far what costs could the BF group be asking for from the state. Is it legal? Yes. Is it an ethical question to put to state voters? You decide.
By Br Anonymous