Thursday, January 31, 2019
TKC BREAKING AND EXCLUSIVE NEWS!!! MAYOR AND COUNCIL CONSIDER TWO BILLION BUCKS WORTH OF NEW AIRPORT BONDS IN SKETCHY SECRETIVE MEETING FAR AWAY FROM CITY HALL TODAY!!!
Check the docket, EPIC new airport decisions and biz will be conducted far away from City Hall today in what threatens to be the greatest political robbery in Kansas City history.
To wit . . .
TKC WARNING!!! MAYOR AND COUNCIL THREATEN TO PASS TWO BILLION WORTH OF BONDS TO FINANCE THE AIRPORT DESPITE PROMISES THAT IT WOULDN'T COST KANSAS CITY TAXPAYERS A DIME!!!
Kansas City is on the hook for the interest, that will be in the millions, and will NEVER be paid by the airlines.
This borrowing scheme is NOT what KC voters were promised.
Expect a litany of lawsuit if the Council moves forward with this clandestine scheme that's worth BIG MONEY.
As always, AWESOME TKC TIPSTERS explain the sitch:
"Notice that today's Aviation Committee meeting is not only combined with the city's infrastructure committee, it's also being held at the airport not city hall. Does that mean this meeting will not be televised like it would be if held at city hall? Can the public attend this meeting at all? Convenient, right, particularly if you're going to propose floating 2 billion in city bonds to pay for the new airport? Was the promise that airlines would pay for the new KCI a smokescreen all along? Was the real plan to ram through a bond issue no matter what the airlines did, leaving tax payers holding the bag despite earlier promises?"
And so . . .
FIRST ON TKC, WE'VE EXPOSED THE SKETCHY LEGISLATIVE GAMBIT AND THE THREAT OF THE BIGGEST CASH GRAB IN KANSAS CITY HISTORY!!!
Here's more . . .
KCI: ANOTHER TAXPAYER BETRAYAL?!?!
This is the latest ordinance (190028) being pushed by an increasingly desperate airport:
“Approving the issuance of Airport Special Obligation Bonds (Kansas City International Airport Terminal Modernization Project) Series 2019 by The Industrial Development Authority of the City of Kansas City, Missouri in one or more series in an aggregate principal amount not to exceed $2,000,000,000.00 to finance, among other things, the Kansas City International Airport Terminal Modernization Project…”
Got that? The City is now proposing to issue two billion dollars of Special Obligation Bonds to build the new airport. Remember that a local blogger recently warned us about Special Obligation Bonds and KCI:
“It turns out that not all bonds require voter approval. These bonds, known as Special Obligation Bonds, are not considered debt in the same way as other bonds and therefore require no public vote. Kansas City uses them all the time, and in fact is preparing to issue some this year to pay for the streetcar… Unlike revenue bonds, which do require a public vote, these bonds are normally secured by property. In this case, the Aviation Department may secure the...debt with the airport itself. While the city may not have to raise taxes… it is well within reason that the city will have to cover those bond payments from the general fund just like we cover KCP&L.”
Got that? Don’t require voter approval but could well end up costing taxpayers. Is that what voters were promised?
Wait a minute. What happened to the celebrated plan for airlines to pay for everything? We know those negotiations have been deadlocked for months. Does this mean the airlines have finally told the City to take a hike? Is the City now desperate to save this mess by borrowing against the airport itself?
Developing . . .