Mr Berg, Mr Castaldo, Mr Fox, Mr DeForge, and Ms Knight as members of the City Council your most important task is to steer the City in the direction of the electorate's will.
That being said, it DOES NOT mean that since you were elected you can do as you choose believing to have a mandate from the voters. I believe the mandate from the voters is to do a job the average citizen cannot. To scrutinize the actions and policies implemented under your watch. To ask questions when resolutions by staff are recommended, but rarely fully explained.
Can any of you say... you understand what exactly "advanced refunding" means in relation to Bond issues? What the benefits are and what the consequences are? Are they "escrowed to maturity"? No one asked why the City needed $12 million new issue to refund a $10.93 million issue from 2003 (that by the way is 10 yrs into the payment schedule)
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Can any of you say...Hey wait a minute..Why did we refund over $20 million in 2007 for the Series A Bonds from 2003, but now we are just getting around to saving money on the Series B issue from 2003?
Can any of you say... Mr City Manager what is the "debt service" on this new $12 million Bond? How much is exactly going to the "escrow agent" account and where the leftover proceeds will end up?
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Can any of you say...Mr City Manager(or Special Tax Consultant) how much is the TOTAL of the next Bond principal/interest payment due Sept 1 2013 and do we have the correct taxing formula in place to produce these proceeds? (As promised in the "Official Statements?)
I didnt think so...
Here is what is due 9-1-13 (see attachment)
