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What do bond ratings mean for taxpayers?

Bond rating slips for Lodi Unified; downgrade reflects state budget woes

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  • Doug Chaney posted at 9:57 am on Mon, Mar 7, 2011.

    Doug Chaney Posts: 1232

    My opinion, Mr. Bitz, is that this water treatment plant was rushed through to transfer the cost of building this unneeded plant basically to transfer the cost of construction to us taxpayers and give Gillespie, Doucette, Katzakian, Munson, KFP, Browman, etc., the local developers and builders some $40 million for their own pockets. The development fees were to have paid for this water treatment plant and it's pretty common knowledge how those same three votes of Hansen, Johnson and Katzakian are solidly tied to those developers, who will in turn probably enhance the riches of those three tainted voters, who seem to pass every questionable issue concerning the greedy interests in Lodi. It seems that this was jammed through just before the election because the consensus was that Hansen was going to be dumped from council and Johnson and Katzakian would lose that third affirming vote. After studying the facts, my conclusion is that this is downright pandering to the developers of Lodi and as close to corruption as you can get. It's too bad there's no group or individual with enough guts or authority to speak out and take action against this suspected corrupted bunch of councilmen, developers and good old boys.

  • roy bitz posted at 9:01 pm on Sat, Mar 5, 2011.

    roy bitz Posts: 505

    I am not so concerned with the city's credit worthiness as I am about how the council floats bonds/ borrows money--- to spend on pet projects. Specifically---the treat and drink water treatment plant.
    The council voted 3/2 to borrow thirty eight million dollars-- not including the twelve they spent this past year on this project.
    The debt service alone on this bond is over two mil a year.
    Once this plant is up and running--add another two mil a year to operate it.
    All for six thousand acre feet of water---which must be filtered and double chlorinated. This "adulterated" water will be blended with our current drinking water.
    I'm an old guy-- I have seen bad decisions before--- this one makes my hair hurt!
    I hope someone will tell me where I am wrong regarding the cost of this project, the need for this project, or that our drinking water will not be adulterated by this project. Anyone?



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