Petition effort gaining momentum

Page 2 in the print edition of today’s Enterprise Journal featured a large ad signed by local businessman Ralph Price. It was over a half-page, probably closer to 2/3, and it’s a shame that the ad didn’t make it to the on-line edition of the paper. If you haven’t seen it, I urge you to give it a look-see.

Ralph, and several other concerned citizens, are circulating a petition which, if successful, will allow for an election to be held to decide whether or not to go forward with the Mayor and Board of Selectmen’s June decision to borrow some $9.5 million to finance new recreation projects in the city.

Ralph’s group questions the lack of due dilligence on the part of the Mayor and Board. He cites the lack of a “multi-year statement of future income” from the projects as proof. Now, I don’t know a whole heckuvalot about Municipal Bonds, but it would seem to me that Ralph is describing a Revenue Bond, and the Mayor seems intent on issuing General Obligation Bonds. Apples and oranges. The revenue stream from the project would be irrelevant

Either way, Ralph’s grassroots effort is gaining momentum, and I would be very surprised if the petition fails to get the minimum number of signatures. And, in the interest of full disclosure, I signed the petition last week.

Update: from Friday’s E-J, Mayor Patterson responds

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