Money Pit? City of Glen Rose Wants Another One Million Dollars for Oakdale to add to CO (June 2010)Somervell County Salon-Glen Rose, Rainbow, Nemo, Glass....Texas


Money Pit? City of Glen Rose Wants Another One Million Dollars for Oakdale to add to CO (June 2010)

9 June 2010 at 9:40:26 AM

I didn't go to the 4b meeting the other night, but I heard second hand that Mr Prykryl mentioned that the city was going to ask for another million bucks to add to the certificate of obligation that was taken out from 4b money to buy Oakdale and make the Riverwalk. Now, I do not recall hearing explicitly that the reason the city wanted to meet with Southwest Securities was in order to add more money and refinance the package, but I do know that the meeting that was supposed to be held on this last week was cancelled because not enough city council people showed up for a quorum.

Sure enough, that million dollars, along with a presentation from Southwest Securities, is listed on the agenda for city council this next Monday.Item # 3

Mr. Sabonis to present information on refinancing the City’s bond issue and possibly adding $ 1,000,000.00 to bond package.

Huh. So what doesn't the city have money for? One person I was speaking with speculated that maybe the grant to fix the swimmimg pool isn't going through. Or maybe it's that there isn't enough to put concrete pads for gigantic RVs in the property that the city bought that is across the street from Oakdale. One thing for sure, the city doesn't think it has enough money for something. How has the city been paying to keep Oakdale open?

What HAS the city spent the money on up to this point? There should be a record of every check that has been paid using CO money. Has ALL the money been spent wisely (I saw, one month, where one of the city employees doing work was charging lunch meals at restaurants on the Oakdale account.) And the city council people should go carefully LOOK at all those checks before making a decision to spend ANOTHER million bucks, don't you think? And then talk about why it's necessary OPENLY in front of the citizenry.

UPDATE-here's what happened.

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