Posted on 10/28/2009 10:40:08 PM PDT by UAConservative
TUSCALOOSA | The Tuscaloosa City Council Finance Committee voted to move ahead with an $8.5 million bond issue rather than waiting a year as Mayor Walt Maddox recommended.
The committee's vote is a recommendation to the full City Council, but a straw ballot of council members, who were all present at the committee meeting, indicated that a majority favors the bond issue. On a 20-year repayment schedule, the bond issue would cost the city about $650,000 a year in debt service.
The council had asked Maddox for a recommended list of projects. The estimated total and the annual debt service were estimates. The projects could cost somewhat more or less.
The bond issue's main objective was to fund Tuscaloosa County Park and Recreation Authority maintenance needs and cover the increased cost of the new farmers market on the riverfront.
Maddox also provided the council with two alternative plans that would allow the city to accomplish some of its goals without borrowing money. But the alternative Maddox recommended would have cut a large amount of parking out of the farmers market project.
(Excerpt) Read more at tuscaloosanews.com ...
Since Maddox got into office, he has gone on a spending spree, issuing bonds for amphitheaters, walking trails, and undergoing construction of apartments and new city buildings by mowing down private businesses under eminent domain. On top of it all, this democRAT is loading the city with debt that won't mature until long after he's gone!
Stupid voters are to blame.
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