Eye On Marco

 URGENT: MARCOITES:  AS MANY OF YOU KNOW,  I TRY TO STAY CLOSE TO THE WORKINGS OF OUR LOCAL GOVERNMENT AND I BELIEVE  " MARCO IS IN A SERIOUS FINANCIAL CRISIS!!"    Bill McMullan 

TO SUMMARIZE FOUR (4) WEEKS OF BAD NEWS FOR THE TAXPAYER!!  1. The City Manager, on Nov 3,2008 asked the Council to approve an URGENT request for $11 Million dollars of short term financing, (nine months)--Staff had already spent $7 Million of the 11 Million,  2.) the City is ALSO trying to finance another $6 Million dollars from the same bank to meet the reserve on our Water Utility bonds --$101 Million Dollars, (now that they are practically Junk Bonds), 3.) the City Manager stated in his Weekly Report  "We will also be looking to add the needed $6 million to the permanent funding Water and Sewer Revenue Bond issue we will be preparing for market early next year fund the Water Utility Expansion!" and 4.) In the same Report, "A larger bond issue will also be the permanent funding source for the $24 million in construction commitments that are currently underway." Sounds like we are obligating (signing) construction contracts when the FUNDING IS NOT IN PLACE!!  How irresponsible is that in this economy!!!

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