Officials: Muskegon County bond sale shows Detroit bankruptcy didn't break Michigan's credit | MLive.com: "Muskegon County’s bonds are being sold with a yield of 4.75 percent."
$39 MILLION!
4.75% triple tax-free is essentially a "Detroit style" junk bond yield.
Plus the county likely must add the cost of bond insurance to the cost to taxpayers.
All to fund a new jail the chairman of the county board of commissioners promised, last fall, would cost no more than $23 million.
And they told us they already had $7 million saved so the bond need should have been $16 million.
But wait, there's more!
County administrator Bonnie Hammersley has publically stated numerous times, the efficiencies of the new buildings will guarantee so much in employee and energy savings that the bonds will pay for themselves!
Yeah right....
$3 million is due in a year.
What company (without bigtime financial "inducements") would ever consider moving to Muskegon county with bogus promises and fiscal insanity being the rule of the land?
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