Thursday, December 18, 2014

ATTEND GAINESVILLE COMMISSION MEETING TONIGHT!!

September 10, 2012 by  
Filed under Hot Topics, Local Info

ATTEND  –  Monday-Sept. 10th @ 6pm at City Hall!!!!!!! EVEN IF YOU ARE NOT A GRU RATEPAYER THIS GROSS MISMANAGEMENT OF TAX PAYER DOLLARS WILL AFFECT EVERYONE IN THIS COUNTY!!

*STOP the Risky Half a BILLION Dollar VRDB (variable rate demand bond) scheme to Pre-Pay GREC for biomass power

 

From County Commissioner Susan Baird: Plan to attend the City of Gainesville Commission Meeting TONIGHT at 6:00 P.M. After voting on the millage rate for property taxes for 2013 they will discuss the approval of a $600,000 consulting fee for a Variable Rate Demand Bond in the amount of $500 Million – the cost of the GREC Biomass plant.  This Bond will be for a prepayment in order to attempt to lower the expected electric rates but when interest rates increase, this could make matters worse later on!  Very risky.

From Citizen Activist Debbie Martinez:

Please read the Gainesville Sun article following my email. This is exactly what citizens have been warning about.

They make it sound so benign, Just $600K for advice to Pre-Pay in ADVANCE for Biomass Power that we do NOT need.

They mislead/or lied to the Public Service Commission and GRU customers about the rate impact only going to be $3 or $4.  Later they were pressured to revise the biomass rate impact to $10.56. Nathan Skopp confronted GRU and the City early this year that the biomass rate impact could be much higher than $10.56 and now they are desperate. To fix the mess made by their bad decisions to enter into this risky overpriced biomass contract they want to Double Down their BETS with extremely RISKY Bonds with HIGH FEES in order to save political face. They need to Let the rates RISE to the level that reflects the contract.

Once the Commissioners pre-pay,  GRU customers are stuck and our economy will tank as businesses flee the community and NOBODY will want to buy a home and be stuck with SKYROCKETING electric bills. They may be able to keep rates at our current HIGH rates for a few years with these risky bonds but down the road we will be looking like Harrisburg, Penn., and Jefferson County,Alabama. Please attend the meeting tomorrow at City Hall at 6pm.

Gainesville Sun article…http://www.gainesville.com/article/20120909/ARTICLES/120909599/1183?Title=City-to-consider-outside-advisors-on-biomass-prepay-plan

Comments

3 Responses to “ATTEND GAINESVILLE COMMISSION MEETING TONIGHT!!”
  1. Bill Boe says:

    Why are municipal bonds popular to purchase? What is one of the marketing talking points when selling them? The GRU bond is a loan to be repaid with interest from local taxpayers and increased energy rates; the bond is attractive because the investors are assured a return from the TAXPAYERS and CUSTOMERS of GRU…..the free market risk of buying corporate stock is reduced. Basically, by the proposed bond sale, the biomass builders expenses for construction are covered now through the bonds and the public and utility users will get the bill with interest. Thank you again, Susan, for being the voice representing the interests of the taxpayers and captive buying audience of GRU!

  2. Bill @

    Bring the CAFR wisdom to the meeting and see what response you will get.

    http://www.youtube.com/watch?v=T2aif0Wk9E0

    http://www.youtube.com/watch?v=_9Ny_XZZBiA

  3. Jeff says:

    Bravo Pedro

    The CAFR is were the focus should be. The government only talks about the budget. If I was running a HOA and we had a bad year with high expenses would the HOA really be in trouble if we had a 100 million in the bank and the yearly expenses were 10 Million? No but if the HOA mgmt show the residence a budget that collected 8 million for the year with the 10 MM in expense than cry about the 2MM shortfall people would say “Just go to the bank and take the 2MM out of the 100MM bank account” Why don’t we tell government to do this? is it because they use fancy names for the bank account? The CAFR is the Comprehensive Annual Financial Report. It is audited by a CPA firm. See Gainesville’s for 2011 at this link:

    http://www.cityofgainesville.org/LinkClick.aspx?fileticket=flD-evBaPq8%3d&tabid=189

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