KANSAS CITY BREAKING NEWS TAXPAYER ALERT!!! CFRG: CITY HALL GO BONDS USE RESIDENT PROPERTY AS COLLATERAL!!!
As always and with everything, the devil is in the details and this tax issue offers a scary warning about the secrets that await all Kansas City residents if a massive borrowing spree is approved by a small number of voters.
TKC BREAKING NEWS!!! KANSAS CITY TAX FIGHTERS WARN THAT CITY HALL IS BASICALLY BORROWING AGAINST LOCAL PROPERTY OWNERS!!!
Here's the explanation and a word of warning . . .We've highlighted the most important passage . . .
ARE YOU READY TO PLEDGE YOUR HOME AND ANY COMMERCIAL PROPERTY YOU OWN in KANSAS CITY, MISSOURI TO SECURE THE UPCOMING $800,000,000 BOND ISSUE???
We’ve been talking about this for two years but waited until the last 24 hours to concoct this poorly thought out $800,000,000 borrowing binge which is secured with OUR PROPERTY----what property? Our HOMES are being used as collateral for this loan. This General Obligation Bond is being paid back with our property taxes, backstopped by our HOMES.
This means if the City, for any reason, cannot payback this $800,000,000 loan bondholders can ask Kansas City, Missouri property owners to pay what they owe for their property in full; if the homeowners are unable to pay in full, the bondholders can legally seize our HOMES as full payment of their bonds. That’s correct, if you cannot pay your share, the bondholders can take YOUR HOME! This is pretty serious.
We watched as several members of our City Council slapped each other on the back, high-fived each other and giggled like giddy schoolchildren that they had placed this on the April 4th ballot. We really don’t think they understood the security pledged for their spending plan is our HOMES. A few of the more serious Council Members questioned why we had to rush into this without all questions being answered. Nevertheless it’s done and the only way, at this time, to keep from pledging YOUR HOME and / or commercial buildings as collateral for this bond issue is to vote NO on April 4th.
Over the next few weeks we will all be inundated with phone calls, TV commercials, print ads, etc. all trying to sell us on potentially giving up title to OUR HOMES to secure this bond issue. The city has not yet come clean as to what it is they are planning to do with this $800,000,000 blank check, nor does it seem likely that they ever will. The only way to keep your HOME off the chopping block is to Vote no on April 4, 2017.
We know your City Council person will be asked to get behind this issue to help sell you on pledging YOUR HOME as collateral for this loan. Be sure you tell them, NO WAY!! This is irresponsible. It will be interesting to see how anxious they are to explain the danger this ballot question poses.
Citizens for Responsible Government