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Dear Editor:
Carmel progressive central planners recently reached a new low in justifying a $1.5 billion indebtedness.
The director of the Carmel Redevelopment Commission has introduced a new financial term: “developer-backed bonds.”
It is intended to hide the fact that all 76 bonds outstanding were issued by the city. Taxpayers, ultimately, back all bonds.
Lenders like it that way because city governments cannot go bankrupt. They can always raise taxes.
The director put it nicely, saying of his new developer-based-bondage:
“Unlike some past redevelopment projects – the bonds are not backed by taxpayer dollars.”
Utter nonsense.
That he finally admits bonds are backed by taxpayer dollars is wonderful.
That he thinks putting a new title on an old scam is anything but putting lipstick on a porker, he isn’t thinking at all.
The only possible rationale is that the city is tapped out, credit-wise, and is hoping lenders will fall for, oink, the developer-backed bond silliness.
Bill Shaffer
Carmel