When I think of the Siemens deal, Donald Trump and the Iranian deal comes to mind. Last month when speaking about Iran he said that the nuclear deal with Iran was so bad he is close to wondering whether it was done poorly on purpose. “It’s almost like there has to be something else going on."
One thing that is going on with Siemens--the costs:
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Bond Counsel: $17,500.00
Financial Advisor: $5,000
Lake Worth City Attorney: $16,028
Bank Counsel: $12,500
Now here is the BIG WHOPPER--The cost of these loans:
There are two separate loans that run simultaneously and the payments are impressive:
The interest compounds and we are paying a whopping 31.41% for these loans with some of the improvements not having a life of the loan. We will have to provide constant maintenance, something we don't do well or at all.
This is what all of the incumbents voted for and Mayor Pam Triolo signed the contracts.
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