From the little grow the big
Lafourche Parish President Charlotte "Photo Op" Randolph has proposed we approve a general obligation bond issue which she has placed on the September 30 ballot. This bond issue will generate $15.88 million and will take 20 years to repay. A general obligation bond is like a loan but instead of mortgaging collateral such as a home, we will be securing it with the taxing power of the Parish. This means the Parish will be authorized to place millage on the tax rolls at any rate necessary to meet the repayment schedule. Mr. Wolf, the bonding attorney who spoke at the March 1 Council meeting, stated that, under present conditions, a 3 mil tax will be necessary and that over the life of the bond, we will pay approximately $26 million in principal and interest.
Ms. Randolph claims the money is needed for drainage, levees, roads and a bundle of other needs, many for which taxing districts already exist. The money will not be dedicated to a particular fund balance, but will go into the general fund, meaning, in 2007, the year when Ms. Randolph may be seeking reelection, she will have $15.88 million to do with as she pleases. On top of that, there is supposedly a list of specific projects for which the money is earmarked. From the discussion at the March 1 meeting, it sounds like only a small circle of Randolph loyalists have seen the list. The list has not been made public. What a wonderful gift the taxpayers would be giving Ms. Randolph, a taxpayer funded slush fund she could use in ways that best assures her reelection.
If we can't trust Ms. Randolph to have enough good judgment to know she shouldn't be making personal purchases on parish credit cards or permit her husband to use a parish vehicle, especially one with a siren and flashing lights, why should we trust her judgment to wisely spend $15.88 million?
This is a bad idea. We will discuss it more thoroughly in the near future. Please start asking questions about this monster. It must be defeated.
Lafourche Parish President Charlotte "Photo Op" Randolph has proposed we approve a general obligation bond issue which she has placed on the September 30 ballot. This bond issue will generate $15.88 million and will take 20 years to repay. A general obligation bond is like a loan but instead of mortgaging collateral such as a home, we will be securing it with the taxing power of the Parish. This means the Parish will be authorized to place millage on the tax rolls at any rate necessary to meet the repayment schedule. Mr. Wolf, the bonding attorney who spoke at the March 1 Council meeting, stated that, under present conditions, a 3 mil tax will be necessary and that over the life of the bond, we will pay approximately $26 million in principal and interest.
Ms. Randolph claims the money is needed for drainage, levees, roads and a bundle of other needs, many for which taxing districts already exist. The money will not be dedicated to a particular fund balance, but will go into the general fund, meaning, in 2007, the year when Ms. Randolph may be seeking reelection, she will have $15.88 million to do with as she pleases. On top of that, there is supposedly a list of specific projects for which the money is earmarked. From the discussion at the March 1 meeting, it sounds like only a small circle of Randolph loyalists have seen the list. The list has not been made public. What a wonderful gift the taxpayers would be giving Ms. Randolph, a taxpayer funded slush fund she could use in ways that best assures her reelection.
If we can't trust Ms. Randolph to have enough good judgment to know she shouldn't be making personal purchases on parish credit cards or permit her husband to use a parish vehicle, especially one with a siren and flashing lights, why should we trust her judgment to wisely spend $15.88 million?
This is a bad idea. We will discuss it more thoroughly in the near future. Please start asking questions about this monster. It must be defeated.
posted by Carl A. Chauvin at 8:55 AM
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