tag:blogger.com,1999:blog-8597101.post6865312465861120250..comments2024-03-25T20:06:39.794-05:00Comments on Grits for Breakfast: Waco taxpayers likely on the hook for debt on jail they were promised would pay for itselfGritsforbreakfasthttp://www.blogger.com/profile/10152152869466958902noreply@blogger.comBlogger7125tag:blogger.com,1999:blog-8597101.post-11923334947626572932012-02-23T19:55:52.647-06:002012-02-23T19:55:52.647-06:00The way they will fill it is with arresting people...The way they will fill it is with arresting people for bogus charges. I HAVE SEEN THIS FIRST HAND. I will not go into details, but it happens.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-8597101.post-34843150007661145442010-05-07T10:40:47.002-05:002010-05-07T10:40:47.002-05:00@10:01 - Telling someone at the time they purchase...@10:01 - Telling someone at the time they purchase the bonds that the county "presently intends" to back the bonds in the event of non-payment then failing to do so after the fact IMO would amount to a misleading statement and potentially a fraudulent business practice - of course, only a court could say for sure.<br /><br />Certainly the ratings agency understood that language to mean these were county backed bonds.Gritsforbreakfasthttps://www.blogger.com/profile/10152152869466958902noreply@blogger.comtag:blogger.com,1999:blog-8597101.post-49395069664479101572010-05-07T10:01:46.640-05:002010-05-07T10:01:46.640-05:00Grits.
I don't know how one gets from the phr...Grits.<br /><br />I don't know how one gets from the phrase "presently intends" to a government guarantee. I think any person who thinks those terms are synonymous is manifestly unreasonable.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-8597101.post-76357018126754192002010-05-07T07:35:00.624-05:002010-05-07T07:35:00.624-05:00Debra Medina yesterday.....
"So many folks a...Debra Medina yesterday.....<br /><br />"So many folks are railing about what's going on in Washington," she said by phone from Wharton. "We've got local officials whose spending habits are just as egregious. But we tend to ignore what's happening right under our nose." <br /><br />Medina had her flaws as a candidate, mostly because of inexperience. <br /><br />But she's right on this: We spend way too much time watching cable TV news and not enough time watching local government. <br /><br />"Some of our local governments have taken on too much debt, and the growth in spending far outpaces inflation and the growth of per capita income," she said, sounding again like the policy-geek Ron Paul supporter who debated toe-to-toe with Gov. Rick Perry and U.S. Sen. Kay Bailey Hutchison.<br /><br /><br />Read more: http://www.star-telegram.com/2010/05/06/2171137/debra-medina-has-it-right-this.html#ixzz0nFLFUnYPAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-8597101.post-29897132846592451612010-05-06T18:02:19.899-05:002010-05-06T18:02:19.899-05:00Another bad government investment, just like the f...Another bad government investment, just like the federal government.<br /><br />Oh what the heck anyway, the country has lost its way, and we are headed for self destruction.<br /><br />Once politicians get into office, they are surrounded by lobbyists and special interests that want more, not less, from government.<br /><br />That's what happened to the folks of McClennan County too!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-8597101.post-38126126656108092042010-05-06T16:51:26.723-05:002010-05-06T16:51:26.723-05:00@3:44 - The bond prospectus said “the county prese...@3:44 - The bond prospectus said “the county presently intends to appropriate other available money of the county, if necessary,” to make the bond payments. If that's what S&P relied on to issue the rating, it's not unreasonable for them to assume the county would be liable for the bonds if the debtor entity couldn't pay.Gritsforbreakfasthttps://www.blogger.com/profile/10152152869466958902noreply@blogger.comtag:blogger.com,1999:blog-8597101.post-43973101447526087032010-05-06T15:44:59.751-05:002010-05-06T15:44:59.751-05:00From the tone of the response it looks like the ra...From the tone of the response it looks like the rating agency (in this case S&P) made a big mistake and now wants to get off the hook. This isn't the first time that the national rating agencies have blamed their problems on others. Do a Google search.<br /><br />i don't live in Waco but i think the bigger story here isn't the failed jail (even if it was predictable). It's the huge power the rating agencies play. One has to wonder if the project would have ever even got off the ground if S&P had told the truth.Anonymousnoreply@blogger.com