TMC: Thirty Miles of Corruption

Is it true that the Redevelopment debt is increasing incrementally $100,000,000.00 per month?  According to the Enforceble Obligation Payment (EOP) in June 2011 the RDA debt was $1.5 Billion, The premliminary draft of the Enforceable Obligation Payment (IROPS-Initial Recognized Obligation Payment Schedule) as of September 27, 2011 states total RDA debt to now be $1.7 Billion.  Much of the the debt is being paid with bond proceeds as a revenue source.  How long can it sustain itself?  This would be as if one pays a debt with a credit card, then later uses another credit card to pay the first credit card.  Instead we are using bonds. Bonds are loans.  A bond is a formal contract to repay borrowed money with interest at fixed intervals.  Will this unsustained failure to deal with lead to banckruptcy?  Illegal or just Bad Business?  Where does the actions of the council breach their fiduciary duty to the taxpayer?  Is there a point whereby bad fiscal decisions just becomes illegal?

“Lying rides upon debt’s back.” -Benjamin Franklin

THANKS FOR YOUR SUPPORT!  KEEP CONNECTED WITH TMC, RATED RIVERSIDE’S MOST “SLANDEROUS” AND MEZZSPELLED, “MISSPELLED” BLOG SITE!   TMC IS NOW EXCLUSIVELY ON FILE WITH THE COUNTY OF RIVERSIDE’S DISTRICT ATTORNEY’S OFFICE, AND THAT’S ALL WE’RE GOING TO SAY ABOUT THAT ONE…