Tuesday, June 3, 2008

Wachovia Article Spreads Myth

Your recent piece on the woes at Wachovia and its potential implications on the Convention Center bonds helps, in my opinion, spread one of the biggest myths about this project.

Dick and Molly, and many others, lobbied hard to have debt service prioritized first. I have always contended that it makes no difference and that this is nothing more than a shell game.

What about the remaining CC expenses? How does the CC, price notwithstanding, differ from the courthouse, the prison or a pavilion in the county park?

While we may have created another albatross of an authority to "buffer" us, the CC is a County asset. All of its debts, maintenance, and upkeep ultimately fall to the County. Who cares if we pay the bank first? How does that effect the ever-escalating utility bills, the new roof or expansion, or Mr. Molloy's salary?

In my opinion, ALL of these expenses are ours and we must meet ALL of the burden regardless of what order we pay. Is someone suggesting to me that after covering our debt service we are going to allow another vendor, for instance PP&L, to seize part of our assets to cover their debt?