$7M BUF Bond May Leave Plainfield On The Hook |
| Published: September 28, 2007, 8:04 am |
| Tags: bonds, robinson briggs, plainfield, ucia, jerrygreen, nonprofits |
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With the County Counsel saying that perhaps the City of Plainfield is on the hook if BUF defaults on the UCIA bonds but that the County certainly wasn't, the Board of Chosen Freeholders voted last night to consent to the offering of $7M in bonds by the UCIA to underwrite BUF's pre-school project.The only 'no' vote was from Freeholder Mapp, who earlier said that while he was pleased to see funding coming toward Plainfield, this kind of investment deserved buy-in from the City Council, who know nothing about the project or the bond.Mapp further said that he wanted "to be assured that some study has been done to show a revenue stream that will support the bond" and moved to table the ordinance pending further information.Freeholder Sullivan, taking issue with Freeholder Mapp, said "we have to approve any and all projects they [the UCIA] put forward ... they have done their due diligence or they would not have presented it to us."Apparently flummoxed by Mapp's motion to table, the chair [ Full article ] |
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