IS IT TRUE? January 26, 2011
IS IT TRUE that last night’s meeting of the Vanderburgh County Commissioners as was the sight of a surreal moment?…that Vanderburgh County Treasurer Rick Davis who is the only announced Democratic candidate for Mayor of Evansville gave a report on the earnings from monies on deposit that Vanderburgh County has earned over the last three years from the over $60 Million that the county keeps in various bank accounts?…that the man who Mr. Davis was standing before making the presentation Commissioner Lloyd Winnecke and he will most likely be facing each other in the campaign for Mayor of Evansville just four short months from now?…that Vanderburgh County earned right at $3 Million in interest way back in 2008?…that Treasurer Davis reported under $400,000 for 2010?…that the reason for the collapse in earning power of the Vanderburgh County’s $60 Million was largely a result of the drop in interest rates paid by banks in the aftermath of the Great Recession and Bank Bailouts?…that cities and counties all across America are seeing multimillion dollar holes in their budgets due to decreased earning power of good old American cash?…that to really make this an ironic moment that Commissioner Winnecke’s day job is working for a bank?
IS IT TRUE that fear of a $2 Million hole in the budget of the City of Evansville had the City Council using that fear as one of the many excuses to shoot down a resolution championed by Councilman Dr. H. Dan Adams to strengthen our smokefree workplace laws?…that there has been nary a peep and no hint of outrage over a hole in the budget due to banking institutions choices to pay less than 1% and in some cases ZERO for money on deposit?…that we thank Rick Davis for bringing this up in a public meeting?…that Mr. Davis did get bids from banks on how much they would pay Vanderburgh County for the money on deposit?…that you bet he did and that some of those bids came back ZERO?…that Mr. Davis was successful in getting a commitment of a minimum of 0.25% on the substantial sum of money that is kept in the county’s checking account?…that this demonstrates good stewardship of taxpayer dollars?
IS IT TRUE that there is quite an uproar over the perfectly legal maneuver pulled by the EVSC to circumvent the bidding process on their new headquarters?…that the bidding process was established for the purpose of preventing public dollars from being squandered on “good old boy†backroom deals?…that such an arrangement of transferring a property to a non-profit and then buying it back can make the job go quicker?…that if such things are going to be done that pre-emptive public disclosure is the best way to build support and avoid accusations of impropriety?…that the public was not well warned and was taken by surprise by this action?…that the contractor chosen not only has a great reputation for quality and professionalism but also has a reputation for winning competitive bids?…that ICI will do a good job and will communicate weekly with state of the art project management tools with the EVSC over the duration of the contract?…that EVSC could learn something from ICI about communication and disclosure?…that there really is no reason to intentionally do things that create suspicious minds in times like these?…that the City County Observer will keep an eye on this little legal scheme?
IS IT TRUE that it seems like every month there is something “legal but fishy†that gets exposed in Evansville?…that the uproar over circumventing the bidding process for construction jobs is what is the basis for the uproar at the EVSC?…that no bid contracts are awarded everyday by local, state, and federal governments?…that no bid contracts for professional services seem to be standard operating procedure?…that services, of engineers, architects, arena planners, insurance policies, and legal services are routinely handed out by councils and commissions at nearly every meeting?…that if the bidding process is so vital to responsibly managing taxpayer dollars that it should extend beyond the construction industry?…that an insurance review and getting quotes for professional services is one of the hallmarks of running a household?…that local government should lead the way in seeking bids for professional service contracts, financial products, and insurance policies?
IS IT TRUE that since it is the day after the State of the Union address that we will dedicate one section to a non Evansville issue?…that we will focus our gaze across the border to the west and the State of Illinois where insanity is increasingly taking hold?…that the City of Chicago, the source of most of the insanity in Illinois is now preventing Rahm Emmanuel from running for Mayor?…that the reason given is because he has not lived there for the past year?…that he has represented Chicago in the United States House of Representatives, owns a home an pays taxes in Chicago, and only left at the request of Chicago’s pride and joy President Barack Obama?…that Chicago openly claims the Hawaii born President as their native son?…that if Rahm Emmanuel is not allowed to run for Mayor of Chicago that the City of Chicago needs to shut up about being the home of President Obama who also owns a home and pays taxes there?…that some laws are just too stupid to cling to?…that love him or hate him Rahm Emmanuel is as qualified to run for Mayor of Chicago as any other resident of the city of the big shoulders ever has been?
IS IT TRUE that President Obama as always delivered very good State of the Union address to the nation last night?…that he openly asked the Republicans in congress to work with him in a bipartisan manner to move the nation forward?…that diversity and differing opinions are needed to emerge with better ideas than “groupthink†will ever produce?…that we are ready as a people for a period of prosperity like we had in the 90’s when a popular charismatic Democratic President teamed up with a Republican led congress to really show the world what America can do when innovators and entrepreneurs mind their businesses instead of struggling to survive?
Did anybody else listen to the speech thinking that the only corporate successes in the future will be government contractors?
CCO, please refresh my memory… since you’re on the topic of interest.
What was the rate of interest on the Stadium bonds recently issued? (3.9%)
When you compare the low interest gained on the 60 we have sitting, to the amounts we’ll pay for the 29 we borrowed – for 20 years. Does it start to sound like a swindle?
Also, we were told that the BAB program was so great because it came with a 35% interest kickback from the federal government.
Ironic though that our federal kickback won’t make up the revenue loss from the change in the interest rates…
Hell, I was thinking of the sewer bond amounts – that’s just the tip of the iceberg.
The stadium bonds were, around 122 Million at 4.5%? (some 2.5% up to 7.2%!)
The net interest rate was reported by John Kish to be 4.5% on $122.4 Million of debt. Here is a link to the detail announcement. http://www.evansvillearenaproject.com/content/new-evansville-arena-bonds-sell-out
tanstaafl.
Did anyone else catch the 80% of the country covered by high speed rail by 2025?
And we’re building I-69? I guess we know whose going to be in the 20% left out.
Caught it. Don’t hold your breath. Last nights speech was good but that one sentence struck me very much like the overpromise and underperform Obama of 2008. I hope not but I think he lapsed in making such a promise.
http://www.cahsrblog.com/2011/01/president-obama-touts-hsr-in-state-of-the-union-address/
Obama hasn’t underperformed. While the healthcare bill didn’t have the public option that I wanted, it’s still a major step in the right direction.
Obama will get this done too. Yes the GOP is trying to screw up high speed rail anyway they can, but they will not get far. Even John Mica is for hsr for the most part.
The Transportation Bill will yield approx $50 billion when everything is said and done. We will need matching state and local funds as well but that won’t be too hard for the 13 corridors of high speed rail.
Now here in southern indiana, we may never see hsr in our lifetime, but that has nothing to do with Obama and EVERYTHING to do with the fools who are promoting I-69 who, lets be honest, don’t have a clue about high speed rail.
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