Dorothy Littrell, CPA
Headline in Ogden-Standard dated December 2, 2005 lists the following information:
Series C Bonds - refinance existing debt - no life shown.. $22,400,000.
Interest rate for 10 years - "about" 6.6% -
Interest expense for 1 year -"about" ..................................................................$1,344,000.
Series A Bonds - help to finance Rec Center ...........................7,300,000.
VARIBLE interest rate for 20 year life - starting
at 4.75% - interest expense for 1 year ......................................................................346,750.
Series B 25-year Bonds - help to finance Rec Center .............8,900,000.
Fixed interest rate for 10 years - 5.7% .
Interest expense for 1 year ........................................................................................507,300.
Unknown interest rate for last 15 years
Federal Loan ..................................................................................2,000,000.
Unknown term and interest rate ....................................................................._____?_____
Known interest cost for first year ..........................................................................$2,198,050.
Interest cost for one month...........................................................$183,170.83.
We have been told that there will be a cost of "about" $800,000. to even get the loans.
This incredible scheme is only possible because Ogden City is using taxpayer funds.
The feasibility study that has been asked for many times would take this information one step further to determine if this is even a viable plan to be adopting.
OGDEN CITY PLANNERS HAVE REPEATEDLY REFUSED TO PROVIDE A STUDY
