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Comments
David S. Wall
Dateline McMinnville: City officials raid the Water Pollution Control Plant's [WPCP]'s Capital FUND to pursue an illusory real-estate gambit. Yeehaw-the 'rate-payers' jump for joy! Not.
Gambling with the rate payer's money to acquire and then 'flip' a real-estate acquisition, hoping and or praying 'Emergency' repairs will not occur-exceeding the remaining balance of [WPCP]'s Capital FUND, guarantees the GENERAL FUND or...more 'Fee increases' will need to be utilized to pay emergency repairs.
"Inter-governmental loans" are legal. Raiding a [WPCP]'s Capital FUND to do so is nothing less than abject stupidity.
The [WPCP]'s Capital FUND should be a RESTRICTED USE FUND and should never, ever be used as a 'Financial Institution' for loaning rate-payer money.
Do the McMinnvillean rate payers assent to using [WPCP]'s Capital FUND as a 'Bank' to issue "inter-governmental loans?" Rate payers are compelled to pay for their Sewer Service & Use Charge and not to provide funding for 'operation capital' for "inter-governmental loans."
Go to Post #2
David S. Wall
David S. Wall
Post#2
Why was a rate of [4.8%] chosen as the interest for the "inter-governmental loan?" If the[WPCP]'s Capital FUND receives a guaranteed [4.8%] rate of return, good for them but-if money is to be used for 'gambling on an illusory real-estate windfall' should not the 'interest rate' be more in line with that of 'credit cards' (20.0%-or higher)?
Why should the "interest payments" be added to the balance sheet of the Urban Renewal District? Who came up with this bright idea? Shifting "interest payments" onto the balance sheet of obligations to the Urban Renewal District raises another question.
Why not use the Urban Renewal District's taxing authority, to pay for the entire costs associated with the illusory real-estate gambit thus sparing the [WPCP]'s Capital FUND?
Who pays for 'environmental clean-up' and or 'remediation' if needed, concerning the RB property?
Is the City Manager's employment contract up for renewal in 2024? Consider regime change.
David S. Wall