Wednesday, August 17, 2011

accounting and the bond

Will there be a separate account for the bond funds to assure that money from the bond issue goes for construction and project specific purposes or will the borrowed money be dumped into the general fund to experience the kind of irregularities we've seen in the past with the general fund?

Friends -

The zeal with which the Town pursued this tax-raising project, despite their long-touted position of being categorically against tax increases (used to justify their failure to pursue grants for the Railroad Station Project and Hummel Park) makes me think that the project is to someone's benefit....I will be watching closely, as I know others will, to insure that the Town dots every i and crosses every t, and that no "sweetheart" or "quid-pro-quo" deals are struck here.

Is the Town's new motto: "Hundreds of thousands for a Highway Garage, but not one cent for the Schoolhouse Road Bridge?" They ignore critical infrastructure problems that don't affect them or their cronies directly, but all of a sudden it's no problem to indebt the Town to the cost of over a million dollars (including interest) for a project that's far larger and more expensive than it needed to be.

The Board ignored lower-cost alternatives and the objections of a significant percentage of the Town's residents - if slightly less than half of those who voted - to push this through. In the law there is a principle in investigation of corruption: cui bono? - meaning "who benefits?" Let's watch closely and see...


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