<div dir="ltr">As the sponsor of the <span style="font-family:arial,sans-serif;font-size:13px">2012-CR-03 charter amendment, I must object to the characterization that it is "raising the debt ceiling." </span><span style="font-family:arial,sans-serif;font-size:13px">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.</span><div>
<span style="font-family:arial,sans-serif;font-size:13px"><br></span></div><div style><span style="font-family:arial,sans-serif;font-size:13px">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.</span></div>
<div style><span style="font-family:arial,sans-serif;font-size:13px"><br></span></div><div style><span style="font-family:arial,sans-serif;font-size:13px">Alan K. Thompson</span></div><div style><span style="font-family:arial,sans-serif;font-size:13px">Ward 2 Town Council Representative and Chair, Finance Committee</span></div>
<div style><span style="font-family:arial,sans-serif;font-size:13px">Town of Riverdale Park</span></div></div><div class="gmail_extra"><br><br><div class="gmail_quote">On Sun, Jan 6, 2013 at 11:42 AM, James D. Holmes <span dir="ltr"><<a href="mailto:jdholmes@comcast.net" target="_blank">jdholmes@comcast.net</a>></span> wrote:<br>
<blockquote class="gmail_quote" style="margin:0 0 0 .8ex;border-left:1px #ccc solid;padding-left:1ex">
<div bgcolor="#FFFFFF" text="#000000">
Mr. Ebbeler<br>
<br>
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?<br>
<br>
<br>
Motion to approve charter amendment 2012-CR-03, amending chapter 619
to clarify what is included in the limit of indebtedness<br>
<br>
<br>
<br>
TOWN OF RIVERDALE PARK FAIR SUMMARY OF ORDINANCE 2012-OR-12<br>
This is to give notice that the Riverdale Park Town Council has
introduced and intends to take action on Ordinance 2012-OR-12.<br>
<br>
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.<br>
<br>
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.<br>
<br>
<br>
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.<br>
<br>
<br>
<b><big>"Riverdale Park’s problem is not the civil lawsuit, They
have people within the town’s power structure that make really
bad decisions."</big></b><br>
<br>
<br>
J. Holmes<br>
</div>
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<br></blockquote></div><br></div>