Back to the tape: how MORTe cost Hoboken $4.5 million
For those who didn’t see the original discussion on the midtown refi, here’s a key three minute segment. Here you see the efforts of the council majority fall short as a bond requires six votes and not one member of MORTe will fulfill their fiduciary responsibility.
If there was a law on doing so and upholding your oath of office each member of MORTe could find themselves fined a million plus dollars each and/or in jail.
What has been overlooked in much of this recent discussion is the refinance was required by the IRS when the hospital was sold. Smarting from the community rising up to stop their sabotage and see Hoboken University Medical Center closed, MORTe was not going to let go of this opportunity to bleed Hoboken for millions.
More importantly, the refinance would have saved the City $50,000 and the bond would have been paid off AT THE EXACT SAME TIME as the original bond payment schedule.
Councilwoman Terry Castellano claimed at a prior meeting the refinancing of the midtown garage would have saddled Hoboken with many more years of additional payments. Council VP Cunningham immediately corrected her and she fell silent. Of course she well remembered the truth from the end of 2011. But she gave the Big Lie a shot.
Notice the arguments or lack thereof here. Occhipinti is not complaining about additional costs to the City of Hoboken. He doesn’t address the arguments on how lower interest rates will greatly benefit the City and its taxpayers. He cries about service fees and calls them “patronage” as if that made any sense at all with millions of dollars at stake. Those fees would have been a pittance in comparison. It’s overheard here as being only 30K.
Like last Wednesday, you can see the truth is hitting too close to home when MORTe refuses to allow the facts to be rationally discussed as they did to Councilman Dave Mello.
Take a look at this three minute clip from last November and see the ugly truth for yourself: