I post it as interesting because the second page, apart from earlier pay-to-play allusions in the story, noted:
Rubin's firm, which helps local and state governments issue bonds, is no stranger to scandal and controversy. The IRS has investigated him on suspiciously high fees and concerns about his ties to banks who his firm connects with governments to issue bonds. The Justice Department raided his offices in 2006. No charges have been brought, and Rubin has denied any wrongdoing.
In early September – two weeks before Rubin attended Obama's Beverly Hills fundraiser – a group of Alabamans sued Rubin's firm and others over multi-billion dollar bond deals. The suit alleged CDR was part of a conspiracy which defrauded citizens and with bribery and corruption.
[emphasis added] This triggered in mind the thought that as part of due diligence, a new City of Ramsey council should look at the books.
With the biggest bonding in City history for the opulent new city hall and building of the large parking ramp, the questions to ask - what fees were charged, what financing arrangements were consummated, were fees in line with normal market charges or excessive, and if excessive how did deals come into place - what individuals played what roles, etc.
Due diligence, we expect.
It is a duty our council, and staff, owe taxpayers.
Transparency should accompany due diligence. How did the finance committee oversee and arrange things, which banks or other bond purchasers [assuming a private placement] were involved, how diversified is bond ownership at present, all those things should be reported to the citizens, by council.
Especially with the EDA involved in the lease-revenue financing thing - indirection for some reason not yet fully understandable to me - it was not a plain vanilla issuance of general obligation bonds, so - WHAT HAPPENED, ALL OKAY, OR PROBLEMS?
Not that we should presume problems, but vigilance is the price of many things, liberty being one under worn platitudes. Vigilance is not a bad thing. It is good, and keeps bureaucrats and others on their toes. Who got what fees out of that deal?
And in times of economic downturns often looking back reveals inadequate attention at earlier flush times where scrutiny might have been too much an afterthought.
New officials - check the books, please.
It would reassure those who elected you.
_________UPDATE________
I corrected two typos, but otherwise I like what I said. New people are coming into place knowing there has been community dissatisfaction with the directions the city has taken, and with attitudes toward responsible management of other peoples' money. Taxpayers deserve to expect bang for the buck, and lean effective management. And a Comp Plan handled as it was insulted us all and there should be consequent assessment and housecleaning. By the Council. They are the City's board of directors.