Two for the price of one:
Question 7: Fort Adams State Park Recreation and Restoration BondsThe ProJo says no and thinks that the City of Newport and private groups should step up to the plate on this one. I'm not very familiar with the technicalities of state vs. municipal funding, but, given that Fort Adams a "State" Park, I don't know if this is possible. I'll have to assume it is.Approval of this question will allow for the State of Rhode Island to issue general obligation bonds, refunding bonds, and temporary notes in an amount not to exceed $4,000,000 for improvements to the Fort Adams State Park in Newport.
Project Costs - $3,984,000 in principal w/ $2,962,865 in Interest (6% over 20 years) plus approximately $28,000 in issuance costs. TOTAL: $6,974,764. {Source PDF}.
Question 7: Department of Environmental Management BondsThe ProJo opposes it for sound reasons: its really all for local projects to benefit individual communities--something this bond and the Fort Adams have in common--and the administration of the funds is a mystery. Besides, as emphasized by the ProJo:Approval of this question will allow for the State of Rhode Island to issue general obligation bonds, refunding bonds, and temporary notes in an amount not to exceed $3,000,000 for the Local Recreation Development Program.
Project Costs - $2,988,000 in principal w/ $2,222,149 in Interest (6% over 20 years) plus approximately $21,000 in issuance costs. TOTAL: $5,231,073. {Source PDF}.
....maybe without the handout from the state, school committees and other negotiators would drive better bargains with their unions.
That last comment is exactly correct. When you give away too much at the bargaining table, other things suffer.
Posted by: SusanD at October 17, 2006 9:18 PM