Fri Aug 10, 2007 at 12:26:33 PM EDT
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Yesterday we told you about the idea that the Burlington County Bridge Commission apparently suggested to the freeholders"(who by the way appoint them to their position) that they could bond $20 million dollars to create a county lease bank and assist towns with "small purchases". We questioned whether this was a shell game that had the potential to turn into a slush fund needing only need freeholder approval for such purchases and the Burlington County Times exposes just that setup...The money for the loans would come from a yet-to-be-selected bank and the bridge commission wouldn't be lending any toll money. The bridge commission needs the freeholders to authorize the use of the county guarantee.
The guarantee means the taxpayers of the county would be backing the loans arranged by the bridge commission, something only the freeholders can approve. Are you dizzy from going in circles yet? Despite the fact that the Freeholder board has complete GOP Control, the measure only passed by a 3-2 margin and they needed one of the freeholders to cast the deciding vote by conference call...However, Wujcik and Haines said they had reservations. Haines said he's not sure the 1 or 2 percent savings in interest lives up to the assertion by the bridge commission that the initiative is a vehicle for tax relief.
"I don't understand the rush to do this," he said. Now that's a good question, whats the rush?The loan program, which the bridge commission is calling Burlington Bank, could be operating as early as October under the current schedule. So going by the current schedule, the Freeholders will have a month to start doling out $20 million dollars under the guise of protecting the taxpayers before many of them have their name on the ballot for Election Day. That's a pretty good setup for them, wouldn't you say? Like i said yesterday, if they go forward with this plan there had better be some strict guidelines on what qualifies and constant oversight on this one. |
| Jason Springer :: Burlco Times exposes Freeholder Board's potential shell game |
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