Not a good enough reason to vote for Lake Worth bond
As far as the letter to the editor by Ms. Kelly supporting the bond issue in today's Palm Beach Post, NO we don't have to support this money grab. She says that interest rates are low right now in order to support her argument but who can say that is true when Lake Worth has NO bond rating. We have plenty of debt, plenty of poverty and all the ingredients that would support a high interest rate. Take the Finance Director's word on this and take the wordage of the bond language to heart--they can tax interest to the max: "a total principal amount of $63,500,000, payable from an annual ad valorem tax maturing not later than 30 years from the date of each issuance and bearing interest at a rate not exceeding the maximum legal rate." Expect the max interest to happen because why would an investor invest in anything that was not going to give him a better than good return especially in a poverty stricken slum ridden city? In our case, with the bond costs estimated at $131 plus million, that max interest rate is factored in. The city won't tell us what that is because it would be so negative, it would turn everyone off.
Since the city is OUT OF MONEY and wants to spend more than it takes in, do the worst roads first and ask for $43 million less or $20 million. As to Mrs. Kelly's feeling that people support Lake Worth's leadership and says that "leadership is high," that is an opinion and unsupported by evidence and by many who live here.
There is no reason under the sun that anyone should vote for something that they don't fully support by "holding their nose" as Ms. Kelly suggests. If it is that objectionable then you need to evaluate why and come up with a plan that IS acceptable to most of the people. This is voting to tax yourself for 30 plus years based on your property value--as property values go up, so does your tax.
Let us see if the city can do anything right. And while they are spending $20 million, a complete report to the taxpayers as to where and to whom the money was spent is a requisite. This needs to be done before any additional money is voted in by the taxpayers of Lake Worth and it should be a big consideration right now on past bonds for which we have no accounting. Trust is a big issue.
3 comments:
Is anyone else bored with the same old same old bend over and take it?
Now grown up voters are encouraged to hold their noses, really?
If you don't go along they will name you and shame you for ASKING QUESTIONS! Would anyone (but an addict) book a week in Vegas and throw ALL THEIR $$$ on 1 number on 1 roulette table in the FIRST MINUTE they were there?
'We know better because we are smarter than you' days are over. I'm seeing and hearing great conversations and debates that should have taken place WAY BEFORE we were forced into this SINGLE Solution Vote. I feel a "We Deserve Better" attitude is ready to blow like a volcano - good thing because burning up the BS is necessary for transparency to show up!
wHAT HAVE THE OCCUPANTS,OF LAKE WORTH'S COMMISSION SEATS DONE IN the 2 1/2 years they were responsible for the infrastructure and economy of Lake Worth,quality of life?Elected with foul malicious rumor mongering,lies,elected by the ignorant vulgar mob. This element has proven totally incompetent and dishonest.Royal Palm Beach has a 1.9 millige rate,LAKE WORTH'S 9.8!!!, caused by incompetence which includes police and utility.Royal Palm Beach maintained their Citizens property tax rates(see P.B.Post) and has raised the
salaries of all employees 2%!
Lake Worth Commission occupants have the City maintain an unfunded Pensionfund, of $80,000,000,- Bravo Royal Palm Beach Commission.
Lake Worth incompetents have created a deficit of $1.200.000,
million,with a $16,000,000 reserve with which honest,moral
Commission members would have restored the most urgent infrastructure problem areas,,repaved roads by honest contractors(no bribes),restored crumbling drain pipes, leaking water pipes, with $16,000,000 of Lake Worth Citizens reserves.Instead, they want to embark on the dishonest slippery slope of issuing a $63,000,000,- with no means of repayment, for 30 years.Final cost $131,000,000,- for 30% of Lake Worth Infrastructure repairs.
Thoe clowns assume all lake Worth Citizens IDIOTS!
Majority of lake Worth Citizens are intelligent, and the highest tax payers of lake Worth know all about every Dept. of the City,and know that subversives, underhanded elements,are plotting to rob taxpayers of lake Worth.
Please, please please--
Even though you are talking about elected officials who are all fair game, please refrain from adjectives such as "morons," "clowns," etc.
Thank you.
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