Punt

Starting with the conclusion: there was no vote on the $16 million bond ordinance at last night's special City Council meeting; it got punted to Wednesday's City Council meeting.

Confession: I missed whole portions of the meeting: LA (Little Avenger) asked me to read her a chapter book, then there was bed time, and well... I fell asleep on the sofa, the web stream a discordant lullaby. But I caught much of it.

Compelling pleas from the public to pass the ordinance. Scott Siegel, a muni-bond trader by day, spelling out dire consequences of the city's certain default on our loan payment to Capital One, the holder of the garage's mortgage, due on July 1 if the ordinance is not passed. Foreclosure and repossession of the garage, ruin of the city's bond rating to near junk-bond status, crippling the city's ability to secure bonding in the future.

Cogent, clear presentations from Councilpersons Lenz, Marsh, Bhalla, Cunningham and Mello on passing the ordinance as 'insurance' and a show-of-faith to the bank that the city can buy back the garage if the scheduled August 13 closing with the developer Hekemian does not happen. The $16 million cannot and will not be used for any other purpose. Without it, the city will suffer certain default on the garage.

The "other side", well let's say a large wheel of cheese would have complimented all of that whine.

Of course, no one wants to 'work' on a Sunday evening. Ask any police officer, fire man, public services empolyee on the week end night shift where they'd rather be. I found the complaints embarrassing- for them. They wanted the job, campaigned for it, and a majority their constituents voted for them. Who will be screwed if the city defaults and gets a huge load of debt dumped on their doorstep.

Well, have to run, will add more later.

The operative word of this story is 'punt'.

And my condolences to Coucilwoman Theresa Castellano and her family on the death of her nephew.

(Updated June 14, 2010, 11:20 am)

When I read this post earlier on nj.com I grabbed a screen shot, knowing it would be zapped in short order. And it was. As is the fate of posts which cut too close to the truth for Beth Mason's minions who patrol the board 24/7 it seems (did you know one of said minions is a minnow from Weehawken waters?).

Comments

  1. No wonder you fell asleep, GA.

    (Plus a chapter book for LA is far more important than the interminable Hoboken political psycho-drama.)

    "Minnow"-? How about still in the primordial soup?

    ReplyDelete

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