by: Diane Benjamin
It is a good thing the City of Bloomington refinanced bonds and is saving money on interest. Actually, it’s a no-brainer. How many of you refinanced your home numerous times as interest rates dropped to historic levels. Isn’t saving taxpayer money what we expect of government?
One problem: Fitch and Moody’s didn’t change the Bloomington Bond rating. It’s still not AAA. Both ratings agencies see potential for problems or the ratings would have increased.
Maybe they looked at future spending plans. Maybe they looked at State Farm relocating employees. Maybe they looked at the 3 tax increases this year. Maybe they looked at unfunded liabilities. Maybe they know more than citizens.
Bloomington did a good thing, but celebrate when Bloomington reaches AAA status.
When you refinance and use the money you save on the payment to reduce other debt or to reduce taxes it’s a good thing. Otherwise it provides more money to spend on flamingos and other non-essential thing. 🙂
I would like to know what has been signed over as collateral on this debt. Does anyone know?
Why collateral? They can tax tax tax!