“We write our bond issues generically"-Luzerne County Budget and Finance Chief Sam Diaz
After the pre-election lies about a balanced budget Commissioner Greg Skrepenak and placeholder Rose Tucker voted to borrow $93.5 million to finance this year's deficit and fund some projects on the wish list. That brings overall debt to roughly $419 million in principal and interest through 2026 according to the TL. That's up from $309 million this year. Debt service will rise from $10.5 million this year to $22.2 million in 2008 and how will they finance the resulting shortfall? Float a Bond!
This is starting to look like using a Visa cash advance to pay a MasterCard bill.
4 minutes ago