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Old Posted Jan 29, 2010, 12:20 AM
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SecretAgentMan SecretAgentMan is offline
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Join Date: Apr 2006
Posts: 347
Quote:
Originally Posted by M1EK View Post
Full article here. Note this proves that CM was lying about their reserves, and their enablers who insisted they'd be paying the 1/4 cent money owe Ben Wear a big fat apology.
Lying? Please explain. Are you referring to the $176 Million in this article, versus the $200 Million in the previous article, both by Ben Wear? Do you think it might be Ben Wear's reporting that should be in question? Rather than rely on third hand information, why not research the information yourself on Cap Metro's financial statements if you have questions.

This article actually clarified a couple things for me. I had forgot that it was the Cap Metro Board that created the 1/4 cent program, rather than the State. The rumor at the time was that the State was going to roll back Cap Metro's tax by 1/4 cent permanently, and might even go for 1/2 cent. Cap Metro wouldn't even have been able to operate existing bus routes if that happened, let alone make future improvements. The Cap Metro Board created the 1/4 cent program to fend off such moves by the State. What I didn't know was that the $91 Million of reserve money to be paid out through 2013 was in addition to the 1/4 cent. I thought that was the estimated value of the 1/4 cent until the next election in 2004 could be held, and the 2013 date the estimated time it would take to build all projects and reimburse the City.

As for paying the City, don't think it isn't going to happen, even if it has to go to court. The statement is a negotiating tactic. Cap Metro is talking tough to try and get the repayment schedule extended. The City's position is that they have already programmed the money and are in the process of spending it, so they should be paid back per the agreement. The reality is that the repayment schedule will probably have to be extended because Cap Metro does not have the funds just sitting around. The conversation is far from over.
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