Friday, December 2, 2011

County Plans to issue FF&C Bonds for Streetcar?

To all COLA LO Members,

It now appears according to bloggers that the County Commissioner's plan to issue bonds backed by the full faith and credit of the county to pay for light rail.  This comes after citizens passed a measure limiting their ability to start new urban renewal districts without a countywide vote.   The bonds will be backed by taxes on residents property!

The latest blogger information can be found at:

Is this the plan our City Council has for us in Lake Oswego if the vote continues to tell them that residents do not want a Streetcar?   The council has already taken steps to ensure redevelopment debt is backed by the City's FF&C, claiming it saves interest costs.   If they cannot get voter support will the city council just vote to increase the debt of its citizens despite objections? 

Only time will tell but all residents need to keep an eye out for the latest "end run" around the majority of voters. 

County Commissioner Ann Lininger testified at the council meeting this week and is supporting both Streetcar and Foothills.  She has consistently voted to limit the input of county residents through the vote. 

Please notify all members, contacts and friends.

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