There has been some question on the cash that we are using from the city' coffers along with possible grant money for the Lake Worth 2020 Infrastructure Plan over and above the $63.5 million bond they are asking you to vote for. At one of the meetings, a sheet was passed out with the Plan financing figures. The city cash and grant money is as follows:
Waterline replacement--$12,262,000
Sewer line replacement: $4,248,000
Electric-Bond for POC--$2,000,000
EDA Grant – for POC--$1,000,000
TOTAL: $19,510,000.00
TOTAL: $19,510,000.00
Now the thing that came to my mind when reading this was raiding part of the Bond from the electric utility upgrade of $2,000,000.00 balance of which is 15,292,125.28. When this bond was written, the Park of Commerce infrastructure development was not even a thought or ever considered. If a city commissison can just take money like this from bond proceeds and use them for something that was never in the radar, and for all tense and purposes designated for another use, what could they do with $63.5 mil sitting around? They tell us the covenants protect us from that overreach. You have to wonder and you must.
3 comments:
If this commission pisses away the money,outright steals it,whatever, who's to know ? Not us,that's for sure! What happens if we pass the bond and a major hurricane hits? (In the next THIRTY years , are the chances of getting hit with a hurricane good? YES !) Honestly this is like giving crack to addicts. Vote no to protect your families and homes from these jerks.
What did those bond covenants say? Mr. Torcivia, is this legal? Where's all the missing money?
Agree, agree, agree. Yet another reason I'll be voting no. Cost over-runs, corruption, mismanagement, and now transfers. Who knows where this money will go and how it will be spent. Look at the beach project, and I love our new Casino and beach park, but look at how much it was foretasted to cost and how much it actually ended up costing.
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