TKC EXCLUSIVE AND BREAKING NEWS!!! FEAR CONSEQUENCES OF KANSAS CITY NEGATIVE CREDIT WATCH!!!
Right now, check more EXCLUSIVE and KICK-ASS insight from an AWESOME TKC READER on a controversy that threatens to bring Kansas City to the brink of financial oblivion.
Checkit . . .
TKC READER: The 800-million April Bond Scam Continues
We're told that the upcoming GO bond is desperately needed to fund projects because the City has such a tight budget.
Tony's Kansas City is the ONLY place that called BS on this, and again, WE ARE THE ONLY ONES that see this for what it really is. A MONEY GRAB by our Mayor, Lying-Sly James.
Need more proof?
The nation's most respected bond rating agency, Moody's Investor Services, sent a warning shot across Sly's sinking ship. They put the City on NEGATIVE CREDIT WATCH.
This is a threat to LOWER THE CITY'S CREDIT RATING. It's like telling the City, your current actions are NOT prudent and you better slow down before you make a costly mistake.
NEARLY every City, State or other municipal government, that has had their credit turned to JUNK, have received a credit warning EXACTLY like this before things blew up.
Detroit, Chicago, and all the other poorly run cities across our nation that have gone belly up, have first been warned with a NEGATIVE CREDIT WATCH warning.
Here is what the report said:
"The negative outlook reflects the growth of the city's pension obligation and, when coupled with the elevated debt burden, the increase of fixed costs outpacing revenue growth."
Here's a bit of a surprise.
This current rating was performed at the request of the city because they are borrowing through Special Obligation Bonds scheduled to be sold this month.
The City is borrowing, WITHOUT a vote of the people, $153,645,000.00
Of that HUNDRED AND FIFTY MILLION, 31-million is taxable. Which means the city would only issue taxable bonds for non-government entities. If you're thinking that sounds like your tax-dollars supporting non-essential projects (or private business gifts) you would be correct.
Perhaps that 31,000,000 could go to curb-streets-and sidewalks and not some private entity.
So the city says there is a budget crunch that taxpayers need to cover it with an $800,000,000 GO bond RAISING EVERYONE'S TAXES ON EVERYTHING.
At the same, and NEARLY in the same breath, the City sells 150-MILLION special obligation bonds paid for with extra funds (those are your tax dollars by the way).
Remember, last year they sold more than 300-million special obligation bonds, again, paid for with your extra tax dollars and not a new tax increase.
That's $450,000,000 in roughly 12 months, all supported with EXTRA MONEY the City seems to have lying around for everything EXCEPT basic infrastructure projects.
Could not some of the $450,000,000 issued over the last year be used to fill some pot-holes and fix a few sidewalks, since it's entirely supported with extra tax-dollars the city seems to find when it wants something voters won't approve?