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Wednesday, July 8, 2009

All Extra Money Should Go Into General Fund

Last night Council considered a very complex financial transaction that essentially "tenders" 30% of the pre-pay natural gas contracts we agreed to with Merrill Lynch.

Doing so will return about 25 million to the Gas and Oil Department. More importantly it will not increase the cost to the consumer.

In the memo to the Council was a proposal to use some of these new funds to pay for the relocation of the Public Service Yard which is a necessary component of the proposed wetlands and land swap. The council approved my motion that removed that provision so that any additional funds from the tendering of 30% of the bonds will go to the General Fund and not to pay to move the Public Service Yard -- which we can wait to do until we are financially solvent.

Save Station 18

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