“This is the worst example of reckless borrowing I’ve ever seen,” board Chairman Scott Kunka said just before the 3-2 vote of the five-member board. Kunka is also the city’s finance director. (Trib, Bill Vidonic)
I’m told that Admiral Chris of Just Ducky spoke eloquently on the problems the Authority would have encountered in terms of facilities maintenance, and on its own clear lack of necessity or motivation for purchasing these assets at such a serendipitous price.
NEXT UP: Likely the original Council-President Plan of simply having the City take out the debt will be revisited. That will be interesting. Also, this time next week some real-world pensions facts from PMRS will arrive — which among other things, will clarify what a state takeover would feel like.
MORE: Trib, Bill Vidonic;