This is Polk City Mayor's email reply when asked if the Bond issue would be put up to a vote by the citzens as a referendum. It should be put up to a referendum vote, because we are the people who will take on this overwhelming 20+Million in debt for 30 years. . Is he kidding. No one protested the bonds? We have fought against them for the last year. He and the council chose to ignore us. We need everyone to call him , so he knows he is doing this against the will of a majority of the voters in Polk City.
Bond approval - (Joe LaCascia) 08-23-11 - 6:51 PM l
The Bond approval was obtained after two public hearings with no adverse public comment. Final approval was granted with a 4-1 vote on July 12, 2011. It was authorized for sale on August 8th.It never was a referendum issue. To offer further perspective...S&P amended their original rating from investment grade of A- to AA, only one step below the downgraded rating for U.S. Treasury bills. The entire Bond offering was sold to the public in just a few hours as a AA rated and insured 100% municipal bond with a standing room only oversubscription which indicated more buyers wanting more share(s) at an interest rate of 4.97%, down from the 5.25% originally contemplated. I hope this throws some light on the subject for you. If you need more information I can be reached at 863 984-7393. Feel free to call me anytime. Mayor Joe
This is Polk City Mayor's email reply when asked if the Bond issue would be put up to a vote by the citzens as a referendum.
ReplyDeleteIt should be put up to a referendum vote, because we are the people who will take on this overwhelming 20+Million in debt for 30 years. . Is he kidding. No one protested the bonds? We have fought against them for the last year. He and the council chose to ignore us.
We need everyone to call him , so he knows he is doing this against the will of a majority of the voters in Polk City.
Bond approval - (Joe LaCascia) 08-23-11 - 6:51 PM
l
The Bond approval was obtained after two public hearings with no adverse public comment. Final approval was granted with a 4-1 vote on July 12, 2011. It was authorized for sale on August 8th.It never was a referendum issue. To offer further perspective...S&P amended their original rating from investment grade of A- to AA, only one step below the downgraded rating for U.S. Treasury bills. The entire Bond offering was sold to the public in just a few hours as a AA rated and insured 100% municipal bond with a standing room only oversubscription which indicated more buyers wanting more share(s) at an interest rate of 4.97%, down from the 5.25% originally contemplated.
I hope this throws some light on the subject for you. If you need more information I can be reached at 863 984-7393. Feel free to call me anytime.
Mayor Joe