Sign of our times?

Read Daily Union noted "Barnes said that, according to the one-third agreement, the city could be expected to pay about $700,000 all together by the end of the year, and also noted that he doesn't believe the city can cover their remaining payments."
Is this a sign of things to come for future city debt payment?

Asking wrote:

Read Daily Union noted "Barnes said that, according to the one-third agreement, the city could be expected to pay about $700,000 all together by the end of the year, and also noted that he doesn't believe the city can cover their remaining payments."
Is this a sign of things to come for future city debt payment?

You got it!

Anyone really think we won't have to declare bankruptcy?

taxpayer wrote:

Anyone really think we won't have to declare bankruptcy?

I am not sure that bankruptcy is really an option?

My reasoning: The city is by law required to raise the mill levy to cover the debt repayment. As long as all property owners in JC have not FILED for bankruptcy, the city has a recourse to get our money via mill levy and property tax (and/or by confiscating and selling our property if we don't pay).

This is MHO, just don't think it is that simple for a city to declare bankruptcy.

An attorney, Bond Counsel or State of Kansas AG needs to interpret the Statute, covering General Obligation Bonds and debt repayment.

http://www.npr.org/templates/story/story.php... It is not without precedent. The way I see it, without a massive influx of money, presumably coming from soldiers being stationed at Fort Riley, and deciding to buy homes in JC, we won't have enough cash to make debt payments and maintain a minimum level of city services.
The entire debt repayment plan was really just a Ponzi scheme- more money just keeps coming in to cover money borrowed.
It didn't happen, due to soldiers not buying here, and the global market downturn. It is hard to imagine the situation reversing itself enough to allow JC to avoid drastic consequences.

I am aware that I will receive a lot of "Flak" on this comment.

JC in MHO is a dying city. There is no money to maintain infrastructure as it stands right now, essential services are already suffering; just considering no money to pay the fair share for the Jail. What happened, wasn't it budgeted?

Will there be money to replace the aging water pipes to bring potable water from the water treatment plant to the homes in JC? According to my reliable source, the pipes are ageing, they are located underneath the streets. That means the streets have to be torn open, the pipes replaced and then repaved. Where is the money coming from?

This is only one example.

More General Obligation Bonds? Remember, not all temporary notes have been converted yet, which will increase the statutory debt. And the statutory debt has to be reduced to 30% by 2015.

I am sure everyone can paint themselves the picture of how the city will take care of essential service such as police, fire, ambulance, safety, security and so forth.

JC not being able to take care of "business" is not going to be a incentive for people or businesses to locate here.

Does anyone think Fort Riley is going to carry JC?

However, we can offer them the Opera House, the Arts Council, beautiful parks, a leaky pond, walkways no one uses, lots of vacant lots to built on, a baseball team, and a football team coming and a Freshman Academy.

The city commission has pulled the wool over the citizens eyes for so long, makes me wonder if we ever see day light again.

Que, last city commission meeting the commissioners agreed with Rod Barnes and took out a million dollar-plus loan for water and sewer. When asked about repayment it was noted fees might have to be raised. Didn't we just have a water and sewer increase?

Pipes wrote:

Que, last city commission meeting the commissioners agreed with Rod Barnes and took out a million dollar-plus loan for water and sewer. When asked about repayment it was noted fees might have to be raised. Didn't we just have a water and sewer increase?

Water and sewer bills are already outrageously high. Can the rates really be increased high enough to pay for new pipes and the supporting infrastructure?