Saturday, June 23, 2007

WHERE DOES THE EXTRA MONEY COME FROM?

Only Borrowing $30,000,000.00??

It was recently reported that the city does not have to go to another referendum about the cost of the convention centre.
The original referendum gave borrowing authority for 'up to' $30 million dollars, and since the city claims they will not be exceeding that borrowing limit, there is no need for another referendum.
Not being a really bright guy, my logic may be flawed; it would seem that the original $30 million was needed to complete a $52 million dollar project. Well, that project now is said to cost at least $100 million.
Question? If you needed to borrow $30 million to finish a $52 million project, how in the world can you build a $100 million dollar project without borrowing more than $30 million??
Obviously the money has to come from someplace, and I would submit it is being 'borrowed' from other projects around town, and sooner or later it is going to be 'borrowed' from the taxpayers in the form of ever increasing taxes.
Honestly does this 'shell game' really fool anyone??


allvoices

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