Re: SMART sales tax extension...Poor accountability, but how does taxpayers, paying millions more in interest fix that?
Author: BOB2
Date: 03-07-2020 - 06:25
The problems with the "theory" of "holding SMART accountable" by voting down the reauthorization are first that it doesn't fix that, the Board has to make that management change. I agree with Bob's critique, but this also wasn't an election, which would somehow allow us to hook up Doc's DeLorean, to go back and fix any of that.....
The second problem with this "vote down the extension" to "hold SMART accountable" is the tremendous cost to taxpayers for such foolish reasoning.
The voters have by rejecting the sales tax "extension", have voted to punish themselves with a huge unnecessary "fine" for not holding SMART's Board "accountable". You see, in a democracy we are the "gubmint", we are the owners who are ultimately the one's most "accountable" for the oversight of SMART. And thus, it is "we" the public, who will continue to pay interest to the current lenders...), by paying millions more in unnecessary high interest, on the current debt, rather than extending and refinancing that debt right now, at today's extremely low long term interest rates.
Of course, this would also have the effect of freeing up millions annually, that will now go to unnecessarily high interest payments, rather than for the many much needed operational and capital improvements, to fix some of the gold plated mistakes, and get this operation performing up to its potential in one of CA's most congested travel corridors.
Plenty of things need more "accountability" at SMART. But, this act of voter/taxpayer self destructive foolishness in "punishing" SMART (actually punishing ourselves???), by paying more interest to lenders, doesn't actually hold anyone "accountable" though, does it?
Reminds me of the Viet Nam, "we had to destroy the village in order to save it?..."logic" to me...