For the past two months, the Cumberland Board of Supervisors have been struggling with a loan that was taken out in 2008 with a variable interest rate. In order to deal with the volatility of an adjustable rate, derivatives were used to try and even out the effect of rate increases.
The loan is currently $18.2 million and in order to restructure, the BOS will have to spend over $2 million to convert to a fixed rate. The nearly completely new board, elected last year, has one member that continues to complain about everything. He complained about the hiring of an administrator that wasn’t his choice. He complains if things aren’t just so, but he is not the chair anymore.
He also was behind this disastrous loan, made to cover lies he told in the past about school financing and the construction of a landfill.
No thanks to you, Bill Osl. (former CFO of Lucent Technologies and in the middle of their problems when they were sold.) A Republican who has put our county in a nearly $50 million hole.