Garage Garbage

Which would you prefer:

1. Parks locked and neglected throughout the city. Delayed responses from the police and fire department in the event of an emergency as a result of layoffs. Cancellation of the Ragamuffin Parade due to lack of funds. OR
2. A $50 thousand annual bonus

That is what is at stake at the City Council meeting. This is where they will be discussing the refinancing of the city garage - yes, the same one associated with the hospital deal, unanimously approved by City Council on 10/30.

The garage bonds are currently non-taxable, which was fine until the the HUMC sale. Now that the garage is owned by a private entity, the same bonds need to become taxable, and that switch can only be accomplished through a formal refi.

Just like when you refi your mortgage, revised interest rates apply and guess what? They are lower now than when the bonds were originally issued, which translates to a nice $50 thousand annual savings for Hoboken.

If Hoboken does not refinance the bonds, the tax man cometh and this time with ongoing penalties.

To avoid this, the city would have to pay off $4.5 million of the bonds, all of which will need to come out of the 2012 budget. The Mayor has been very clear that this will translate to immediate layoffs and cutbacks in services. Just in time for Christmas.

Stop the madness. Email your City Council person and tell them to ensure that the required super majority votes (6) are there to approve the refinancing.

City Council Members' Contact Information:

Beth Mason
beth@masoncitycouncil.org

Mike Russo
councilmanrusso@aol.com

Tim Occhipinti
timothy.occhipinti@gmail.com

Terry Castellano
email@castellanoforhoboken.com

Jen Giattino
JenGiattino@jenforcitycouncil.com

Ravi Bhalla
rbhalla@hobokennj.org

Carol Marsh
cjmarsh09@gmail.com

Dave Mello
dmello@hobokennj.org

Peter Cunningham
cunningham@hobokennj.org