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Wednesday, September 5, 2012

Has Clackamas County cancelled light rail bond sale?

That's the report we've received at this hour. And the prospectus for the sale, which was supposed to go down tomorrow, has suddenly been removed from the i-Deal listing of Oregon bond sales. It could be a big win for the Clackistani rebels, or just a decoy of some kind. Given how the county commissioners have behaved, we would put nothing past them.

Comments (18)

Could it be someone informed the council that they could be held criminally liable if the sale cntinued ?

At a guess, someone's hit upon the idea that if a judge eventually holds that the county didn't follow the proper procedure to issue the bonds, or if the bonds aren't issued for a proper purpose, then the interest on the bonds won't be tax-exempt.

Any chance that issuing bonds without following procedures, would make the Council personally liable for repayment?

If that is not the law, it should be!


Maybe Tri-Met blink-blink-blinked, and said "whoa," not acceptable, and/or by mutual agreement. As of yesterday, the County was purportedly in breach of the agreement, with interest provo in that deal rolling up @ $3,000/day | $100,000/mo. Sleights of hands, houses of cards, stiff breezes beginning to howl....walking it back from the abyss....maybe just to get another running start, though....

hmmmm maybe I'll have to return that pitchfork, can of tar and bag of feathers....nah I'll hold onto them for the moment.

It was just a.ruse. They are pusuing a private bank loan now.

Or line of credit.

Neither of those options has been properly authorized. They have the same legal defects as the bonds -- and potentially more.

In July, city staff told the Lake O city council that the uncertainty and contention surrounding their new water treatment plant in West Linn made selling their $90 million in revenue bonds in Sept. a dicey deal.
So the council authorized a $30 million line of credit instead.....

That's funny - The $37.7M in bonds that CoP is issuing 9/11 (yes, that is ominous) are for Light Rail funding.

Bonds are pretty good deals for sellers, so I don't see what pulling them is going to do to get the price up - Unless the buyer's are really that afraid it can get unwound.

I say: Trickery! I've seen it before with ODOT: They pretend to show some conciliation, some willingness to work with you, and the instant you let your defenses (or your legal challenges) down... ZOOM! they fly right over you. It's the playing possum approach -- "OK, you got, got me. I'm down." Let your attention wander for a second and you get bitten and the beast is running at full speed.

Remember, TriMet said that they would try to save the big trees by the downtown library for the original MAX. "Oh, we'll try real hard to save them." Then WHAM! and they were gone. "Oh, a naughty contractor cut their roots, over the weekend, at night...."

Don't fall for it -- it IS a trick.

I just checked the i-Deal Prospectus site as of about 2 minutes ago. Right at the top of the list was "Clackamas County, OR Full Faith & Credit Ref Obligations, Srs 2012", dated 08/22/2012. Don't know what's going on there, but it appears it's back up, unfortunately.

this one for paying off old bonds with a new bond. And is the one listed currently.

This one is for light rail. Is not listed.


Orange Lines (Don't Don't Do It)

Maybe they got spooked about having incomplete disclosures in the offering.

In Oregon, you can tell easily-demonstrated falsehoods to the public all you want, but Wall Street actually has lawyers.

Oh, and the the lyrics:

Ticket to ride, orange line highway
Tell all your friends, they can go my way
Pay your toll, sell your soul
Pound for pound costs more than gold

bendover, thanks for the correction. I saw the similar dollar amount and the mention of Portland Milwaukie Light Rail on page 17, and thought they were doing a bait-and-switch there. Further reading of that document reveals that there's simply mention of the county's plans to issue bonds for PMLR in that general funds bond.

Here's to hoping the rebels have scored a victory.

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