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'Fraid you're right about the death spiral, but it's not a matter of increasing taxes. Bonds floated to fund a utility are REVENUE bonds, not general obligation (GO) bonds and are backed by the utility's ability to raise rates. That's why they must pay a higher interest rate; they're not backed by the taxing power of the government ... municipal or otherwise. Cape Coral's utility bonds have been downgraded because their council is skeered to raise their utility rates which is the only thing backing the bonds. This has forced Cape Coral to stop expanding their water/sewer system ... a wise move!
Although I'm no longer on Marco (thank God!), I believe the city still has to float bonds to cover installing the STRP in the "estates" area because the Council has its head in the sand and refuses to stop building. That will be very interesting as the city's auditor warns about approaching bankruptcy. Sure will help the rating agencies decide how to rate Marco bonds! Marco/Naples ranks 13th in the nation's foreclosure derby, and people are revolting. I could mention who bears much of the responsibility for this but the time isn't right.
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