The RTM almost missed it's self imposed midnight deadline for completing its budget deliberations, because the Greenwich Bond Council rushed to confer with Town Attorney John Wayne Fox.
The Bond Lawyers stopped the legislative meeting for about 20 to 25 minutes.
If the the lawyers had taken another ten minutes the entire Greenwich Representative Town Meeting members would have been required to resume their business tonight at the Central Middle School auditorium.
The trouble began when community volunteer Mary Ferry (RTM District 5 Chairman) proposed that the Town pay some bond interest payments instead of rolling the interest into another bond.
The fiscally responsible Ms. Ferry strongly felt that it was wrong for the taxpayers to unnecessarily defer interest payment for two years.
Ms. Ferry argued that it was foolish for the Town Of Greenwich to be paying interest on interest on top of interest.
Ms Ferry had ran her budget reducing idea past Greenwich Town Attorney John Wayne Fox who said it was legal and permissible. The Town had even helped Ms. Ferry come up with the proposed reduction amount of $850,000.
However, when Ms. Ferry made her motion to amend the budget all Hell broke loose and the Bond attorneys sent the RTM into a tailspin.
After much negotiation and two budget revisions a motion to reduce the budget by $544,000 was put up for a vote.
69 RTM members voted to reduce the budget by over a half a million dollars, while 99 members voted to pay interest on the interest for two years. There were 4 abstentions.
Ms. Ferry and 68 other RTM members tried to help the single family home owners of Greenwich. It is a shame that there were not more RTM members willing to reduce the budget through responsible measures that would bring about savings.
The taxpayers of Greenwich are going to have to start identifying the Spendthrifts on the RTM and vote them out of office.
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Please send your comments to GreenwichRoundup@gmail.com
The Bond Lawyers stopped the legislative meeting for about 20 to 25 minutes.
If the the lawyers had taken another ten minutes the entire Greenwich Representative Town Meeting members would have been required to resume their business tonight at the Central Middle School auditorium.
The trouble began when community volunteer Mary Ferry (RTM District 5 Chairman) proposed that the Town pay some bond interest payments instead of rolling the interest into another bond.
The fiscally responsible Ms. Ferry strongly felt that it was wrong for the taxpayers to unnecessarily defer interest payment for two years.
Ms. Ferry argued that it was foolish for the Town Of Greenwich to be paying interest on interest on top of interest.
Ms Ferry had ran her budget reducing idea past Greenwich Town Attorney John Wayne Fox who said it was legal and permissible. The Town had even helped Ms. Ferry come up with the proposed reduction amount of $850,000.
However, when Ms. Ferry made her motion to amend the budget all Hell broke loose and the Bond attorneys sent the RTM into a tailspin.
After much negotiation and two budget revisions a motion to reduce the budget by $544,000 was put up for a vote.
69 RTM members voted to reduce the budget by over a half a million dollars, while 99 members voted to pay interest on the interest for two years. There were 4 abstentions.
Ms. Ferry and 68 other RTM members tried to help the single family home owners of Greenwich. It is a shame that there were not more RTM members willing to reduce the budget through responsible measures that would bring about savings.
The taxpayers of Greenwich are going to have to start identifying the Spendthrifts on the RTM and vote them out of office.
==============================================
Please send your comments to GreenwichRoundup@gmail.com
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