To the editor:
I have researched a matter pertaining to the opportunity of the village and town to refinance existing joint bond indebtedness that was issued to construct the new fire department building.
On April 3, John Shehadi of Fiscal Advisors and Marketing, Inc. sent an email to Town Supervisor Terri Roney and Mayor Marty Hubbard (with copy to Village Attorney Michael Byrne and Town Attorney Patrick Sardino) informing the village and town of an opportunity to refinance the remaining balance of the 2006 bond debt for the new fire station, with an estimated savings to the community of $165,503.
I reviewed minutes of both the village and town. I found this matter discussed in village board minutes, but not in town board minutes. As a result, I requested documents from the village pursuant to the Freedom of Information Law.
Upon my receipt and review of the documents, I was stunned to find that on May 16, a representative of the town board returned the correspondence the town had received from Fiscal Advisors, by hand delivery to a representative at the village hall, and verbally told the village representative the “town was not interested.”
I was also stunned to find that after multiple attempts by the village and its attorney, who were receptive to the proposal, to reach out to the town board and its attorney, the town board never responded to any of the requests.
Unfortunately, after nearly three months of lack of response by our town board, the window of opportunity to refinance the bond and realize projected savings of $165,000 closed because of an increase in interest rates.
Why was our elected town board “not interested” in a transaction that would save our taxpayers $165,000?
Why is our town board so unwilling to work and cooperate with our village board and its representatives?