Post by pavel on Apr 22, 2016 9:55:12 GMT -6
Treasurer Lynn Fitch called the Legislature's decisions on borrowing for special projects deeply disappointing and hypocritical in a letter to state leaders.
She said some of the state's bonds don't meet the qualifications for tax-exempt status, are vague and could threaten the state's credit rating.
"Several items in the over $308 million bill ... lack any specificity. Bonds are borrowed to cover specific projects, not simply for 'paying costs associated with infrastructure and infrastructure related projects,'" Fitch wrote.
Fitch highlighted projects she called earmarks, specifically $100,000 for the Jackson police service.
"We simply cannot bond to pay salaries and routine operating expenses," Fitch said, referring to IRS rules.
Read more: www.clarionledger.com/story/news/politics/2016/04/20/treasurer-fitch-critical-state-borrowing/83307636/
She said some of the state's bonds don't meet the qualifications for tax-exempt status, are vague and could threaten the state's credit rating.
"Several items in the over $308 million bill ... lack any specificity. Bonds are borrowed to cover specific projects, not simply for 'paying costs associated with infrastructure and infrastructure related projects,'" Fitch wrote.
Fitch highlighted projects she called earmarks, specifically $100,000 for the Jackson police service.
"We simply cannot bond to pay salaries and routine operating expenses," Fitch said, referring to IRS rules.
Read more: www.clarionledger.com/story/news/politics/2016/04/20/treasurer-fitch-critical-state-borrowing/83307636/