The Honorable Nancy Johnson has cautioned our Mayor to not sell our biggest
asset the town has. She was able to obtain
Federal Funds totaling a sum of $15,000,000 which covered a portion of the cost
in building our new plant and the sole purpose of this funding was to keep the
customer's rate of cost down.
She noted that our city could suffer another downgrade subsequently to
our receiving two recent downgrades by Moody's and Fitch. Our Creditors would demand higher interest
rates, for the existing bonds we now owe, because of our poor financial management
style currently at city hall causing her predicted new downgrade.
Frederick T. Stanley the city's first mayor had the foresight, when serving
has chairman of the city's water commission, by establishing a self sustaining
water fund.
Our City's future depends on not selling this enormous asset.
fs
2 comments:
He's going to make his move to sell to the MDC just after December 1 from what I'm hearing.
It's simply not true
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