Yesterday’s post did not include proof of our assertion that the trigger was pulled on the baseball park bond sale May 28, 2013.
That date was well before the difficulties in the bond markets caused interest rates to go up.
Some members of city council tried to blame the bond advisors for the delay and that has led to a scandal concerning an effort to fire the bond advisors and bring in ones that have ties to at least one member of council.
Reports were requested from city staff explaining how the delay was caused. An email from the former city manager confirms that the delay was deliberate and was intended to influence the outcome of the upcoming city election.
The fact is that the bonds were authorized for sale on May 28, 2013 and that any one of three people were “hereby authorized to act on behalf of the Corporation in selling and delivering the Series 2013 Bonds …”. The issue was out of city council’s hands.
Who were the three people? Our former city manager, our former chief financial officer and the city clerk. The failure to issue the bonds until after the election and the consequent $22 million or so cost increase lies squarely on their shoulders.
Follow this link to read the whole document.
The agenda item proposing the resolution is below:
and the portion of the minutes showing approval:
The city has commissioned yet another report on the subject.
The facts seem clear. It looks like these three people could have sold the bonds. The did not. We will pay for their failure.
We deserve better