As expected the Oro Valley Town Council approved the ballot question for the Naranja Park.
Although the total amount was bantered around like a tether ball, it will appear on the ballot to issue and sell general obligation bonds in the principal amount of $48,600,000.
What will the ballot state as to how the money will be spent? Quite ambiguous.
All it says is the funds will be used "to design, construct, improve, furnish and equip general and supporting infrastructure, recreation facilities and related facilities, including earthworks, infrastructure, play fields, courts, outdoor recreation support and parking for the site, and to pay all necessary legal, accounting, financial, architectural, engineering and other contingent costs in conjunction therewith and to purchase bond insurance or other credit support for the bonds."
The rate of interest may be as high as 12% and the bonds will mature over a period not to exceed 25 years.
KC Carter voted against this expenditure and Paula Abbott expressed concerns that the ballot's wording is "very vague."
Keith Hoskins, the Phoenix attorney hired to guide OV through this process suggested a pamphlet be included with the ballot with more specifics.
Here's a question for our astute readers.
How many of you would buy a house not knowing how big it is; how many rooms it has, how many bathrooms and how big a lot?
Also, how about a mortgage? Need I remind anyone how perilous a variable rate mortgage is? Well, a rate "not to exceed 12%" will bring that $48.6 million to ----who knows how much?
Let's not forget one more thing. This Bond Issue was approved by a "lame duck" council, which continued to show a propensity of making decisions without considering ALL the facts.
You can read The Explorer article on this issue here.
http://www.explorernews.com/article/show/21634
