1/13/09 PRESS RELEASE: Fitch Rates Greenwich, CT's $72MM 2009 GO BANs 'F1+'; Affs Outstanding GOs at 'AAA'

When Greenwich Roundup Types:

Greenwich Town Hall Listens......

Strange Things Are Happening In Greenwich

Yesterday Evening Greenwich Roundup Published This letter From A Town Hall Insider And Added Comments To The Letter.....

1/12/09 A READER AND TOWN HALL INSIDER SUBMITS COMMENTS: Pacewicz pension bump - FUZZY MATH !

Now First Thing In The Morning This Press Release Is Waiting In Greenwich Round Up's Inbox......


Fitch Rates Greenwich, CT's $72MM 2009 GO BANs 'F1+'; Affs Outstanding GOs at 'AAA'

NEW YORK--January 12, 2009 -- Fitch Ratings has assigned an 'F1+' rating to the town of Greenwich, Connecticut's $72 million of general obligation (GO) bond anticipation notes (BANs), issue 2009. The BANs are expected to sell competitively on Jan. 15, with proceeds refinancing currently outstanding BANs and providing additional funds for various capital improvement projects in the town.

Fitch also affirms the following outstanding ratings for Greenwich:

--$45 million BANs (due Jan. 29, 2009) at 'F1+';
--$28.7 million GO bonds at 'AAA'.

The Rating Outlook on the GO bonds is Stable.

Greenwich's superior 'AAA' rating reflects its considerable resource base, highlighted by exceptional wealth levels. A sizeable unreserved general fund balance deficit is due to the town's historical method of funding capital projects on a modified pay-as-you-go basis, and Fitch believes that the recent change to a capital borrowing approach will result in positive fund balances by fiscal 2011 or sooner. Low overall debt ratios, resulting from a long history of funding nearly all capital expenditures from current resources, will increase to more moderate levels with this change, but expected debt issuances are manageable and should be retired promptly. The short-term 'F1+' rating is based on Greenwich's general credit characteristics.

Greenwich is located in southwestern Connecticut approximately 28 miles from New York City and is one of the most affluent communities in the nation. Per capita income levels are two-and-a-half times that of the state and more than three times that of the nation. Many of the town's 61,871 residents (2007 estimate) are executives and professionals working locally or in surrounding Fairfield County communities and New York. The unemployment rate as of November 2008 was 4.6% (preliminary), well below the county, state, and national rates, reflecting the depth of employment opportunities. The town's $34.2 billion tax base, the largest of any municipality in Connecticut, is chiefly residential, although a substantial commercial component is made up of office space and high-end retail properties. Underlining the substantial tax base is a $2.3 million average home price and a very high market valuation per capita ratio of $789,645.

Greenwich's financial strength stems from its deep, stable resource base. Fiscal 2008 ended with a $13.3 million general fund surplus, which reduced the unreserved general fund deficit to $30.2 million from $43.4 million. In fiscal 2008, the town moved from the modified pay-as-you-go method of financing capital projects, which caused general fund deficits, to a more traditional capital borrowing approach.

Under the former method, the town appropriated the full cost of capital in one year and raised revenue to offset the appropriation in the same and subsequent four fiscal years. Fitch expects that planned 3.5% annual mill rate increases will provide sufficient funds to eliminate the general fund deficit no later than fiscal 2011 and sustain balanced operations going forward, despite increased debt levels. Positive fund balances in several other funds provide a degree of financial flexibility during the transition period.

The town's debt ratios are moderately low on a per capita basis ($1,776) and extremely low relative to taxable market value (0.2%). The strength of the latter ratio underscores Greenwich's considerable financial resources to meet its capital needs. Fitch expects that the town's overall debt ratios will increase to more moderate ranges with the issuance of approximately $317 million of GO bonds through fiscal 2018 to fund its 15-year, $538 million CIP. However, the debt burden should remain manageable and be retired rapidly.

Currently, 76% of principal amortizes within 10 years, reflecting a town policy to amortize almost all debt within five years. Pensions are fully funded as of the most recent valuation, and the town's $18.8 million of assets in an OPEB trust fund partially mitigate a manageable $63 million liability.

Fitch issued an exposure draft on July 31, 2008 proposing a recalibration of tax-supported and water/sewer revenue bond ratings which, if adopted, may result in an upward revision of this rating (see Fitch research 'Exposure Draft: Reassessment of the Municipal Ratings Framework'.) At this time, Fitch is deferring its final determination on municipal recalibration. Fitch will continue to monitor market and credit conditions, and plans to revisit the recalibration in the first quarter of 2009.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.fitchratings.com&esheet=5869383&lan=en_US&anchor=www.fitchratings.com&index=1. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.

Contacts:

Fitch Ratings, New York
Ryan A. Greene, 212-908-0315
Ann Flynn, 212-908-9152

or



Media Relations:
Cindy Stoller, 212-908-0526
Email: cindy.stoller@fitchratings.com

COMMENTS:

Is The Greenwich Retirement Board Trying To Tell Greenwich Taxpayers Not To Worry About Illegally Appointed Captain Michael Pacewicz Big Pension Giveaway, Because Greenwich Has A "Considerable Resource Base, Highlighted By Exceptional Wealth Levels."

The Single Family Homeowners Of Greenwich Should Not Worry About The Extra Pension Money Bribe That Was Used To Get The Illegally Appointed Captain To Stop Blocking four High Level Police Positions And Resigns From The Greenwich Police Department.

Because Fitch Believes That The Town's $18.8 Million Of Assets In An OPEB Trust Fund Will "Partially Mitigate A Manageable" $63 Million Pension Liability That Greenwich Taxpayers Are Ultimately Responsible For.

Does Fitch Ratings Know About The Pension Deal That Town Hall Is Trying To Give Illegally Appointed Greenwich Police Captain Michael Pacewicz?

===============================================================

Please send your comments to GreenwichRoundup@gmail.com

01/05/08 - My Son Has Returned From Iraq Protecting Ungrateful Thugs That Attack His Father's Right To Free Speech And Deny Access To Public Records.

Shame, Shame, Shame

All Of Greenwich Is Watching.

Police Commissioner Peter Tesei, Chief Of Police David Ridberg and illegally appointed Police Captain Michael Pacewicz's illegal use use of selective enforcement tactics are going to expose themselves and the Town Of Greenwich to costly litigation and ultimately substantial court ordered judgments if they don't cease and desist in their coordinated and illegal activities.

I don't Know What Police Commissioner Peter Tesei, Police Chief David Ridberg and illegally appointed Police Captain Michael Pacewicz Were Taught About Free Speech In School.

Here Is What They Should Have Learned:

"If liberty means anything at all, it means the right to tell people what they do not want to hear." - George Orwell, Preface to Animal Farm (1946)

"Goebbels was in favor of free speech for views he liked. So was Stalin. If you're in favor of free speech, then you're in favor of freedom of speech precisely for views you despise. Otherwise, you're not in favor of free speech." Noam Chomsky, Manufacturing Consent: Noam Chomsky and the Media (1992).

"The price of freedom of religion, or of speech, or of the press, is that we must put up with a good deal of rubbish." Robert H. Jackson

"The principle of free thought is not free thought for those who agree with us but freedom for the thought we hate." US Supreme Court Justice Oliver Wendell Holmes in United States v. Schwimmer (1929).

"He wrote something stupid, a bunch of words that say something we don't agree with. It's only words and ideas, it's not like he beat someone up, he's not committing violence or hurting people, he's simply saying something offensive that we do not want to hear because we don't like it. If we suppress ideas we don't like, the proponents of those ideas will probably fester in secret societies and explode in double-plus ungood ways and we will like those results even less. If we allow people to see their ideas, and we ignore them, they've had their chance and they don't have to feel cheated about not getting exposure. Or if we really don't like their ideas and really need to keep them from convincing other people to believe in them, the answer is to tell people why and they'll learn. But you can't just beat people up because you dislike their stupid opinion. If we go that route, then anyone who is willing to use force can suppress any opinion they don't like, and maybe support opinions we don't like. Then what you get is a society of brutality where it isn't the best ideas that are seen by others, it's only the ideas that have the most vicious thugs to back them up. And it becomes very hard for people to be willing to express any opinion if someone can just pop them one because they say something someone else doesn't like." - Supervisor 246 in Paul Robinson's Instrument of God.

"In a free state, tongues too should be free." Erasmus, The Education of a Christian Prince (1516).

"I disapprove of what you say, but I will defend to the death your right to say it." Evelyn Beatrice Hall, writing as S. G. Tallentyre in 1906

I have fought censorship all of my adult life and I am more than prepared to use the United States Judicial system to defend my constatutionally protected right to critise the Greenwich Police Department.

First Selectman Peter Tesei can fail to lead and allow The Greenwich Police Department, the Assessors Office and the Clerks Office to selectivly and illegally prosecute me for exercising my constatutionally protected right to free speech, but in the end his fine record will be forever stained.

You can try and harm and ruin me for speaking out about the lack of Police Enforcement and Government sevices in Byram, but in the end there will be this terrible stain that will never wash off.

First Selectman Peter Tesei has hordes of petty buracrats and are very well armed Greenwich Police Department, but they are no match for me.

Because, I have a copy of the United States Constatution in my shirt pocket.

Even In Greenwich The Pen Is Mightier Than The Sword.

The most precious of all rights in this marvelous country called the United States of America is the freedom to think, write and say whatever is on your mind and last time I checked The Town Of Greenwich was still under the authority of the United States Constatution.

No one needs a First Amendment to write about how cute newborn babies are in the Greenwich Time, or to talk about a recipe for strawberry shortcake on WGCH.

Nobody needs a First Amendment for innocuous or popular points of view.

In America the majority must always protect the right of a minority-even a minority of one-to express the most outrageous and offensive ideas.

Only then is total freedom of expression guaranteed.

A Threat To Freedom Of Speech Anywhere In America Is A Threat To Freedom Of Speech In All Of America.

01/01/08 The 2007 Knucklehead Of The Year Award Goes To .....

DUMBEST OF THE DUMB

When it came to selecting the New York Knucklehead of the Year, however, all distractions were put aside, the nominees were carefully reviewed and the vote was unanimous. Alas, we cannot inscribe the award with an actual name, because there were multiple winners involved in this
Greenwich Police Department disaster.....

Oh, how we would like to actually name all the political geniuses involved in violating civil service rules for the Greenwich Police Department's Captains position. But that is not to be. All those involved can pick up the prize, though, by coming to the rear door of 161 North Water Street in Byram at midnight, knocking three times and whispering the secret password, which is
"Ridberg Is Incompetent."

The Morons Who Did Not Follow The Civil Service Rules And Illegally Appointed Michael Pacewicz Captain once again got the Greenwich taxpayer involved in another expensive lawsuit that the Town lost.

Pacewicz can not even properly conduct a simple internal affairs investigation.

Every time Pacewiez cashes his big fat Captain's paycheck the taxpayers are being cheated.

The taxpayers of Greenwich are paying top dollar and deserve better than the bungling Pacewicz who trys to solve police department performance and discipline problems with amateurish attempts at two bit cover ups.

With boobs like Pacewicz in charge - No wonder murders go unsolved in Greenwich.