marigolds
Gainfully employed, finally
Premium,MVM
join:2002-05-13
Saint Louis, MO
| So change the ordinance....
It seems like this one is a no brainer.
Change the ordinance and issue the bonds at a higher rate.
Notice that the city can still back the bonds with residual incomes, they just have to add in a requirement of default before payment.
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Octopussy2
Premium
join:2003-03-30
Batavia, IL | I MAY be wrong...but if you change the ordinance you may have to revote?
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RJ44
join:2001-10-19
Nashville, TN
| reply to marigolds
said by marigolds  :It seems like this one is a no brainer. Change the ordinance and issue the bonds at a higher rate. Notice that the city can still back the bonds with residual incomes, they just have to add in a requirement of default before payment. Wow. 25 posts before the first one that actually addresses the issue at hand. Congratulations on thinking rationally.
RJ |
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marigolds
Gainfully employed, finally
Premium,MVM
join:2002-05-13
Saint Louis, MO
| reply to Octopussy2
said by Octopussy2 :I MAY be wrong...but if you change the ordinance you may have to revote? Changing the ordinance should require a vote of the city council, but not a popular vote.
I am not certain if changing the requirement for default that would be considered a separate bond issue. If it is considered a separate bond issue then there would need to be a new vote.
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Octopussy2
Premium
join:2003-03-30
Batavia, IL | I can find this out and get back to you and everyone.
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