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"Never done a cash flow analysis"! Let's have a big round of applause for Bill (sweep it under the rug) Harrison. Is he still being paid as the city's financial consultant?
Kudos also to the council for its "creative financing options": pay up front and get a small deduction; pay with interest over 20 years; or (best yet!) nothing down and pay the balloon in 20 years (if you're stil alive, if not, your heirs will pay it when they sell your house).
Who were the suckers? Those who paid up front because their deduction was pretty small, they ignored the "opportunity cost" of the money they had fronted, and now they're seeing their rates grow by leaps and bounds to pay for bonds that OTHERS took out because they did NOT pay up front! Moss/Harrison/Arceri never warned you of that possibility, did they? Of course, they didn't tell you that the STRP was totally unneeded to begin with. Oh well, that's sewage under the road!
Mr. Arceri once told me that he intended to pay up front. Hope he did. Mr. Sewer deserves a little pain for perpetrating the STRP fraud on a credulous public.
Oh, and I'm sure Ms. Bliss believes that the city has a first lien on your property to pay off your STRP debt if you deferred payment. Is that first lien, or first lien after city and county back taxes? And where exactly does your mortgage holder fit into the equation especially if your mortgage pre-existed your STRP obligation? There are so many entities with their hand in your pocket, I can't be sure. Besides, I'd remind Ms. Bliss that GM's senior bondholders also thought they had first claim on GM's assets ... until President Obama decided that the unions come first!
Ain't nuthin' certain in our country but death and taxes! Long live John Boyd!
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