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Monday, December 18, 2006

The Ramsey "Port Authority" proposal IS something beyond a scam to add on another property tax. There's the General Obligation bond authorization.


The Pork Authority proposal was not only aimed to allow another tax to be imposed on Ramsey taxpayers, there's the General Obligation bond authorization too, aimed to boost taxpayer financed city debt, without ordinary limits. Coming and going, in a way of speaking.
Click on image to enlarge it, or read line 48 on the online page, here.

That line 48 does summarize the bill as for, "City of Ramsey Port Authority to Issue GO Bonds not subject to net debt limit." If my understanding is correct, revenue bonds permit only bondholder recourse against revenue generated by a project; general obligation bonds pledge the full faith and credit of the City, for debt service and bond retirement.