[RP TownTalk] State of Maryland Property Tax Assessment

[Alan K. Thompson]

As the sponsor of the 2012-CR-03 charter amendment, I must object to the
characterization that it is "raising the debt ceiling."  2012-CR-03
clarifies how the Town would exercise powers granted to us by the State
should we choose to go forward with special taxing districts.  Without this
amendment the Town would either (1) pay a higher rate on a loan taken out
under a special taxing district (because of the financial community's
distaste for uncertainty) or (2) issue bonds under our general obligation
authority that should rightly be paid for by a special taxing district.

I would also like to note that the Town is currently borrowing well within
our authority (we are authorized to borrow up to $11.7 million, based on
the old assesments, and have around $3 million currently on the books).
 Even with the decrease in residential properties you mention we are far,
far away from the ceiling.

Alan K. Thompson
Ward 2 Town Council Representative and Chair, Finance Committee
Town of Riverdale Park


On Sun, Jan 6, 2013 at 11:42 AM, James D. Holmes <jdholmes at comcast.net>wrote:

>  Mr. Ebbeler
>
> If the Town is in such good shape, why is the Mayor and Council raising
> the debt limit and planning to sell bonds to finance these unnecessary
> expenditures?
>
>
> Motion to approve charter amendment 2012-CR-03, amending chapter 619 to
> clarify what is included in the limit of indebtedness
>
>
>
> TOWN OF RIVERDALE PARK FAIR SUMMARY OF ORDINANCE 2012-OR-12
> This is to give notice that the Riverdale Park Town Council has introduced
> and intends to take action on Ordinance 2012-OR-12.
>
> Ordinance 2012-OR-12 would amend the Capital Improvement Program (CIP)
> Budget for the Town of Riverdale Park for the fiscal year beginning July 1,
> 2012, and ending June 30, 2013. This amendment would add to the FY 2013 CIP
> a new appropriation in the amount of $525,000 for the purchase of real
> estate, to be funded from the sale of bonds.
>
> Ordinance 2012-OR-12 is available for inspection by the public at Town
> Hall during normal business hours, 8:30 a.m. to 4:30 p.m., Monday through
> Friday.
>
>
> Not everything I read in the newspaper is believable, but the following
> quote in the Gazette newspaper from the plaintiffs attorney  (Timothy
> Leahy) is very creditable.
>
>
> *"Riverdale Park’s problem is not the civil lawsuit, They have people
> within the town’s power structure that make really bad decisions."*
>
>
> J. Holmes
>
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