KANSAS CITY BREAKING NEWS TAXPAYER ALERT!!! CFRG: CITY HALL GO BONDS USE RESIDENT PROPERTY AS COLLATERAL!!!
As always and with everything, the devil is in the details and this tax issue offers a scary warning about the secrets that await all Kansas City residents if a massive borrowing spree is approved by a small number of voters.
Checkit:
TKC BREAKING NEWS!!! KANSAS CITY TAX FIGHTERS WARN THAT CITY HALL IS BASICALLY BORROWING AGAINST LOCAL PROPERTY OWNERS!!!
Here's the explanation and a word of warning . . .We've highlighted the most important passage . . .
ARE YOU READY TO PLEDGE YOUR HOME AND ANY COMMERCIAL PROPERTY YOU OWN in KANSAS CITY, MISSOURI TO SECURE THE UPCOMING $800,000,000 BOND ISSUE???
We’ve been talking about this for two years but waited until the last 24 hours to concoct this poorly thought out $800,000,000 borrowing binge which is secured with OUR PROPERTY----what property? Our HOMES are being used as collateral for this loan. This General Obligation Bond is being paid back with our property taxes, backstopped by our HOMES.
This means if the City, for any reason, cannot payback this $800,000,000 loan bondholders can ask Kansas City, Missouri property owners to pay what they owe for their property in full; if the homeowners are unable to pay in full, the bondholders can legally seize our HOMES as full payment of their bonds. That’s correct, if you cannot pay your share, the bondholders can take YOUR HOME! This is pretty serious.
We watched as several members of our City Council slapped each other on the back, high-fived each other and giggled like giddy schoolchildren that they had placed this on the April 4th ballot. We really don’t think they understood the security pledged for their spending plan is our HOMES. A few of the more serious Council Members questioned why we had to rush into this without all questions being answered. Nevertheless it’s done and the only way, at this time, to keep from pledging YOUR HOME and / or commercial buildings as collateral for this bond issue is to vote NO on April 4th.
Over the next few weeks we will all be inundated with phone calls, TV commercials, print ads, etc. all trying to sell us on potentially giving up title to OUR HOMES to secure this bond issue. The city has not yet come clean as to what it is they are planning to do with this $800,000,000 blank check, nor does it seem likely that they ever will. The only way to keep your HOME off the chopping block is to Vote no on April 4, 2017.
We know your City Council person will be asked to get behind this issue to help sell you on pledging YOUR HOME as collateral for this loan. Be sure you tell them, NO WAY!! This is irresponsible. It will be interesting to see how anxious they are to explain the danger this ballot question poses.
Citizens for Responsible Government
############
Contact the FBI
ReplyDeleteWe The Local Sheeple.. Ultimate Bag holders
ReplyDeleteVote Hell No!
ReplyDeleteThe head of this group, Dan Coffey, and fellow traveler John Murphy may be the most ignorant persons in KC. Good thing they inherited money.
ReplyDeleteThey should rename their group the KC No Nothing party.
Trumpism has come to our home town.
Their claim is total bull shit.
Wouldn't this fall under the category of racketeering?
ReplyDeletePretty soon my water bill will be higher than my property tax. Maybe increasing the property tax will at least make me feel better it it's back to higher.
ReplyDeleteIf the property owners of KC stand for this they will get what they have coming.
ReplyDeleteThey'd have to be pretty corrupt to set up the public and put them in a high risk situation like this without their knowledge.
ReplyDeleteWouldn't surprise me though.
Sly is desperate. He obviously is obviously pushing this thing for all he is worth. Because this is all he's good for.
ReplyDeleteHigher taxes are his real legacy.
DeleteReminder to KCMO Mayor Sly James & City Council
ReplyDeleteRemember what happened July 1975 at Machus Red Foxx Restaurant near Detroit ??
HOFFA hasn't been seen since !!!!!
Keep that in mind all of YOU down there at City Hall !!!!
Frankly, I don't give a Flyin' Shit if this Hair Lips the Pope !!!!
So where is the evidence to prove this statement?
ReplyDeleteNo doubt the Mayor and City Council would fuck a snake if someone would hold it. But this is just a statement without any empirical evidence.
Click bait or false news until the actual document surfaces.
Fools multiply when men are silent.
ReplyDeleteNietzsche
Trying to read between the lines. The City can't pledge private property because it has no ownership interest. Possibly what is proposed is to pledge the right to collect property taxes for some period in the future? Maybe I'm missing something, in which case no doubt someone will correct me.
ReplyDeleteThe attractiveness to and interest rates on the bonds supported by the market will be based on the potential buyers' confidence in the city's ability to pay.
ReplyDeleteThe proposal is to support the bond payments with a property tax.
The bigger question for KCMO voters should be their level of confidence in the Sly administration's focus on investing the funds appropriately in infrastructure and in its competence to provide oversight, management, and accountability of the projects to ensure the taxpayers get their money's worth.
And given the current 12th and Oak gang's predilection for glitzy legacy projects, insider deals for friends and supporters, and a complete abdication of any sort of oversight, management, or een interest in municipal responsibilities, it's very safe to predict a property tax increase which will yield very little for most residents and businesses.
Again, the past is prologue.
Do not forget Killa City's bad faith and deception with the refinancing of $297 million P&L bonds for two years prior to and during 2015 City elections. Lowering projected City/Taxpayer payment portion from estimated $15 million to $5 million.
ReplyDeleteWhat was taxpayer cost of this refinancing deception? Five million? Ten million? Defer paying $10 million for two years by adding to the principal. Maybe the bond dealers and bond lawyers know. Do they get their standard fees? Try refinancing any personal loan. Sly and the Clowncil cannot be trusted. CFRG should be praised, applauded and given a Nobel Prize for Truth in Economic Disclosure.
it's sort of true even if not exactly.
ReplyDeletego bonds can force taxes to be paid. taxes on real estate can be forced to be raised to pay interest and principal.
if one does not pay one's real estate taxes, one's property can be seized.
that "general obligation" of a municipality is why such bonds have a good payment record historically and, hence, pretty low interest rates.
Bondholders can ask Kansas City, Missouri property owners to pay what they owe for their property in full!?!?!
ReplyDeleteALTERNATIVE FACTS FOREVER!!!
You can bet the city will charge management fees to oversee the projects to pay salaries and raises for city employees that should be funded from the general fund. They pulled the same shit with the police and fire tax. I would need a binding contract of where every penny is being spent before I would vote for this crap.
ReplyDeleteDay four of Trump lies seem to be infecting everyone. File this under "bullshit alternative facts."
ReplyDeleteNo, Tony always had the ALTERNATIVE FACTS affliction.
ReplyDeleteKC = debt city.
ReplyDeleteDrain the swamp!
Dat be A SLY trick. Tell that two bit attorney NO.
ReplyDelete#KorruptCity
ReplyDelete'nuff said
How can that be legal? And if I vote no but it passes, why should my house be collateral?
ReplyDeleteThe people do not trust this city government. Big problem.
ReplyDelete