A long effort to refinance Mobile’s bond debt has raised a tantalizing possibility: The city has a shot at being (mostly) debt free in eight to 10 years.At its meeting on Tuesday, the Mobile City Council unanimously approved a bond refinancing measure sponsored by Mayor Sandy Stimpson. Finance Director Paul Wesch says the move will affect about $26 million in debt, and the refinancing will save the city about $1.4 million depending on terms at the closing later this month.Stimpson and the council have been at odds over several issues lately, but there was no dissent on the refinancing. Mayor and council gave each other credit for a disciplined approach that has cut bond debt by about a third -- a figure approaching $100 million -- in Stimpson's five years in office. Councilwoman Bess Rich praised the administration for focusing on cutting debt, rather than refinancing to extend borrowing. Councilman Fred Richardson said he appreciated the administration's willingness to provide … [Read more...] about Mobile a decade from paying off municipal debt?
Debt plan direct
Joe Malinconico Paterson Press Published 2:50 PM EDT Nov 1, 2018 PATERSON – The city is looking to borrow almost $16 million, including $5 million to cover retirement payments 38 retiring police officers and firefighters. City officials have not yet released the names of the retirees nor how much each of them would get. The $5 million would cover 24 police officers and 14 firefighters who have indicated they may retire during the next eight months, officials said. The preliminary numbers indicate the retirees would get an average of $131,000 apiece. Last year, the council also approved $5 million in bonds for retiree payments, but the city ended up borrowing just $4 million because some employees on that list staying in their jobs. Besides compensating retires for unused vacation days, the payments also cover something called “terminal leave” that the city’s labor contracts provide to Paterson police officers and firefighters. Under terminal leave, … [Read more...] about Paterson NJ may pay $5M to retirees in $16M debt plan
On April 1, hundreds of millions of marshmallow chicks and bunnies called Peeps will peer out from Easter baskets at American children.They are a pastel symbol of Easter joy, but behind the wax-eyed candy is a company at war with its union workforce over rising pension costs - an escalating legal tangle that could soon upend the retirement plans of 10 million Americans.The fight has featured a strike, Twinkies related bankruptcy, irreparably broken friendships, obscene T-shirts and a locked-up Peepsmobile. Now all sides await a federal appeals court ruling.The 95-year-old company that makes Peeps, Just Born Quality Confections, wants to block new employees from enrolling in the multi-employer pension it has offered workers for decades, a retirement plan it funds along with roughly 200 other companies.While many other companies facing similar pressures have left pensions in recent years, Just Born wants to bar new employees from the plan without paying a $60 million fee required under … [Read more...] about In land of Peeps, ﬁght threatens US pension plans
Pulse nightclub — where he shot dead 49 people and wounded dozens more in a bloody rampage June 12, 2016 — was not gunman Omar Mateen’s intended target, prosecutors in the trial of his widow, Noor Salman, argued this morning.Initially, he hoped to strike at Disney Springs, the government said.“The target of that terrorist attack was not the Pulse nightclub. ... The target is his attack was Disney,” prosecutor Sara Sweeney told the jury, as closing arguments in Salman’s trial began.Sweeney’s argument echoed cell phone evidence that emerged on the eve of Salman’s trial, which placed Mateen at Disney Springs, near Epcot, and at EVE Orlando, another downtown-area club, in the hours leading up to his attack at Pulse.But Sweeney added a new detail: She showed the jury photos of a baby stroller and doll that were found in a search of the vehicle Mateen drove to Pulse after the attack. Mateen initially planned to his conceal his long gun in the … [Read more...] about Noor Salman trial: Pulse gunman planned to hide rifle in stroller, attack Disney Springs, prosecutor says
Over just a few days last week, the essence of Trumpism was on global display: The president ignored his advisers by congratulating Vladimir Putin, took the first steps toward imposing tariffs on billions of dollars in Chinese goods and signed a huge $1.3 trillion spending bill that will balloon the federal deficit.In each case, President Donald Trump cast aside years of Republican orthodoxy - and most of the party followed right along. The raw, undefined brand of populism that Trump rode into office is now hardening into a clearer set of policies in his second year, remaking the Republican Party and the country on issues ranging from trade and immigration to spending and entitlement programs.Even amid persistent unpopularity and the chaotic din of his White House, Trump has used a mix of legislation and unilateral actions to successfully push ahead with key parts of his vision - tariffs that have rocked global markets; harsh crackdowns on illegal immigrants; a nationalistic foreign … [Read more...] about The GOP platform’s ruling plan, Trumpism, casts aside previously understood values