Shaffer questions Carmel’s plan for financing debt

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Dear Editor:

Carmel central planners just added $286 million to city debt as bail money for the Carmel Utilities’ financial crisis.

Earlier taxpayers were hit with 30 to 35 percent rate increases due to financial shortfalls caused by central planners over the last 10 to 15 years.

The political class has added three bonds – $139 million in principal and $147 million in interest – to the city’s debt.

The box score:

• Bond A refinances a 2016 utilities bond initially totaling $76 million with a $61 million bond.
• Bond B refinances a 2008 utilities bond initially totaling $188 million with a $105 million bond.
• Bond C refinances a 2012 utilities bond initially totaling $34 million with a $106 million bond that includes $20 million for maintenance and upgrades.

Adding things up:

• Three former bonds added $298 million to civic debt.
• Taxpayers paid down that to $178 million.
• Three new bonds will add $286 million to debt.
• Total outstanding debt now exceeds $1.5 billion with a 2049 payoff date.

Anyone care to defend elitist central planning in Carmel now?

Bill Shaffer
Carmel