Some clarification concerning the city’s debt
To the editor:
This letter is in response to a letter from Jim Fitzgerald (Oct 2).
Some candidates use “scare” tactics to win a seat to an elected board. The city now has about $800 million in debt, most of which is due to the approximate $600 million utility expansion which all 10 candidates agreed had to happen. Most of the $600 million is paid for by those receiving the water, sewer, irrigation lines. To use an analog, if your child wanted to buy a car and you co-signed. That debt is held against you until paid. As long as your child makes payment, you are not out anything. The default rate on the utility expansion is less than 1 percent, which means those receiving the improvement are making their payments. That debt may increase when the Northwest expansion begins. If one is still skeptical, then just look at the Bond Rating, which is Aa3, a step below AA. There are government agencies and companies that would love even an A rating. Do not be fooled by those who “cry wolf.” Look at the facts. The rating agencies in New York cannot be fooled.
Finally, I will try to convince four others to reduce the tax on electricity because it is a hardship on families and those living on just Social Security. But it takes five votes to change anything. I will never purposely mislead. This election is too important to be on record with misleading information.
Marilyn Stout
Cape Coral
Candidate, District 3