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Talk this week on a possible solution to the county's sewer debt crisis includes a plan that could include the county's transferring $10 million from the general fund budget to help pay off the debt. That may be the only way the county can work out an agreement with Wall Street on a payment plan. Talks are ongoing this week in New York between the county's financial advisors, including local attorneys and representatives from Merrill Lynch, and the county's creditors. Merrill Lynch has advised the commission that the county may have to raise sewer rates by as much as 2.5% in order to come up with a solution. Some commissioners say the latest talk of shifting money from the general fund will be difficult given revenue projections for this year and the possibility that the county may lose the occupational tax.
That is a one followed by 9 zeroes.
I understand that they owe 3 and a half billion on sewer bonds.
If they had a 4 percent interest rate, the interest alone would be 140 million dollars the first year without paying one dollar on the principal.
How do they expect 10 million to even make a dent in it? That isn;t even one month's interest unless the rate is lower than 4 percent.
It seems unreal that we had people in office that could get us in this fix. Babbling idiots would have avoided that much debt.
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