Carmel looking to refinance $152 million in bonds

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  • Rick Smith

    One has to wonder if the original plan to take it as a lump-sum payout was to avoid a Budget issue this current year.

    A 16 second video that foreshadows the immediate need for funds. The Mayor committed on 10/16/2013 if revenues fail or an estimate was off he would take responsibility himself saying we can not run a budget that is not balanced.

    This looks a lot like 2011 when we were either aware of impending financial problems or asleep at the wheel. The goal would have appeared to have been to get through the election and then fix the problem. It was also sold as a money saving ‘option’ however our only option was do it or likely issue a Special Benefits Tax. We paid dearly to “refinance” those obligations with Pre-Payment charges of $21 million. Plus the minimum 1% of fees charged to process the transaction.