"A popular government without popular information, or the means of acquiring it, is but a Prologue to a Farce or a Tragedy; or, perhaps both. Knowledge will forever govern ignorance; and a people who mean to be their own governors must arm themselves with the power knowledge gives."


Friday, June 10, 2016

Special Call Meeting Scottsboro City Council Regarding Bond Issue - Presentation by Larry Ward Managing Director, Public Finance, Raymond James & Associates June 9, 2016

Scottsboro city Hall (photo by G. Morgan)
UPDATED - Saturday, June 11, 2016
What is a municipal bond? source:slideshare.net - Fair Use for non-profit news and reporting and commentary.

"We have never overcharged the City of Scottsboro..." Larry Ward 
Managing Director, Public Finance, Raymond James & Associates in regards to accusations several months ago that the City of Scottsboro was being overcharged on bond issues as compared to other cities. Mr. Ward went on to say that statement was not true, and the fallacy has been confirmed by internal audits.

 I think it disturbing that there has been an attempt to convince citizens that the bond issue for $3 million dollars was only going to cost $2.76 million. There is no statement as to fees and total interest cost for the specific bond issue that has been provided to the public at this time.

 It was speculated in a previous meeting by at least one city council member, based on information/charts provided them, that the total cost of the bond issue would be $4.5 million dollars including interest and fees. What is it now? Utilizing a mortgage calculator at http://www.dollartimes.com/loans/mortgage-rate.php?length=30&amount=1000000 the total payback on $3,000,000 for 10 years is $3,452,970.00. The total payback for $2,760,000 for 10 years is $3,176,732.40 ($2.76 million is the claim from the bond issuer saying that the City of Scottsboro will receive $3 million dollars for $2.76 million [payback?].).



Scottsboro City Council Special Call Meeting

                             Larry Ward, Special Presentation

No comments: