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935 days ago.
by Carlaw

Consolidation, good idea or bad?

Does everyone remember when Forestville wanted to dissolve itself like Lakewood in the south county? Silly idea in my opinion but do 't you think all the hoopla had consequences?? Forestville now has bank note etc. coming due and banks will not extend due dates. Gee I wonder why? Now Forestville may have to raise taxes over 400% making it the highest taxed place on the planet. Does anyone every consider the consequences of what they do?


Member Comments

Yes Capt. you are spot on!

Posted 935 days ago.


Carlaw: as I asked before, doesn't the NYS cap law still apply here? If so, there's obviously NO WAY such a tax hike will ever occur. I'm not saying there aren't consequences if F-ville defaults on repaying what's owed, but can the bank that financed the demo project demand payment in full? Can F-ville be forced into bankruptcy, or will it simply be denied future loans until the debt is paid?

Lots of things stink here. #1, the assurances by former village officials, including the high-priced former village atty, that a grant was allegedly submitted and would pay the demo cost. #2, is it wrong to assume the village was notified on a regularly, reminding them the status of this debt? An audit by NYS comptroller Tom DiNapoli was done in 2012, and his findings were issued in Feb '13. The report criticized improper & inadequate accounting entries, but why wasn't this large debt identified back then, and recommendations made on how to repay it, back then?

Posted 937 days ago.

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