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Commissioners Adopt Bond Resolution

Tuesday afternoon the Charles County Commissioners adopted a bond resolution that will enable the County to issue general obligation bonds in the amount of $30,000,000 for the purpose of financing and refinancing capital improvement projects.

In late February, the Commissioners traveled to New York to meet with three bond rating agencies. Standard and Poor’s, Fitch, and Moody’s are expected to issue the County’s bond ratings the week of March 22, 2010. Following the issuance of the ratings, the County will then bid their bonds on April 6, 2010.


Posted by: Sammy on 03/12/10 at 06:58 AM
    Page 1 of 1 pages
  • 1. · Okay...Fellow Ducks...

    Read this Press Release VERY carefully. In this document, you have all the evidence you need to understand fiscal stupidity.

    Point 1. The 8% goal. The minimum threshold of savings for any family is 3-6 months of income...that is 25-50%. That should be the same for our government. Why? Look around. Life happens. Economic downturns happen. Rainy "days" don't just last for one day.

    8% gives you no wiggle room. A protracted economic downturn or large unexpected need (can anyone say 3 feet of snow in 10 days?)can wipe out such a dangerously small reserve.

    8% results in furloughs, cut backs in services, layoffs.

    Point #2: Anything over 15% pays off short term debt. Stupid. By definition short term debt has the lowest interest rate. If you are going to pay off debt, wouldn't it make more sense to pay off long term debt that is financed at higher interest rates?

    Point #3: Anything over 15% pays off short term debt. Stupid (Part 2). Using a rainy day fund to pay off debt that can be serviced by current income reduces the ability to withstand the rainy day.

    Point #4: Using anything over 15%. As I mentioned in Point 1, 8% is not enough. 15% is also not enough. Spending anything over 15% changes the fund from a "rainy day fund" to a "sunny day" fund. The main reason the fund value would swell is that times are good and revenues are flowing in...so the commissioners can spend it...which means the money is no longer there for the inevitable rainy day.

    I believe these commissioners are incompetent when it comes to managing our tax dollars.

    They purchased the Captial Clubhouse for full price and didn't even know the owners owed the county back taxes.

    They built a baseball stadium with 100% taxpayer money...then have to rent a suite from the team.

    They complain loudly about the lack of money to fix potholes but want to spend 10s of millions on a road everyone agrees we do not need.

    Now these guidelines for the rainy day fund...I am not sure what else people need to see to understand that our county gov't, like every other level, appears to be badly broken. Where are the checks and balances????

    Comment by shadowdiver  on  03/12/10  at  10:18 AM | [Back to Top] | [Back to Main]
  • 2. · I believe these commissioners are incompetent when it comes to managing our tax dollars.

    I believe these commissioners are incompetent when it comes to managing anything.

    Comment by seahorse  on  03/12/10  at  10:55 AM | [Back to Top] | [Back to Main]
    • Page 1 of 1 pages

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