I guess I didn’t read Kaine’s letter (pdf)to Suffolk Mayor Linda Johnson closely enough. While I focused on the potential threat to the state’s bond rating, I overlooked this important part (which the Pilot reported on today):
To avoid a call on the Commonwealth’s moral obligation pledge I am prepared to autohorize payments that are sufficient to to service the debt on this bond package. However, under those circumstances, I will also instruct my Secretary of Finance to recoup any such payments from the eight owner communities by intercepting funds the State routinely makes to these localities in support of various programs. As you know, this intercept action is consistent with state law.
You read that right, folks. Monies to the eight communities designated for other purposes could end up going to pay off the debts of SPSA.
Just how did SPSA end up being so mismanaged? Editorial writer Roger Chesley offers one opinion: seems none of the region’s mayors or their county counterparts want to serve on the SPSA board.
If the region’s top elected officials had embraced garbage like they embrace photo-ops, would we be facing the financial morass that is today’s Southeastern Public Service Authority?
At the end of the day, as is the norm, the cost of this mess will be borne by the taxpayers in the eight communities. It is time for the leadership of the member communities to show some.
Stop the madness.
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