Louis is suggesting yet another authority, one that would issue bond (read: debt).
A new Cumberland County authority with the ability to issue bonds may be needed to advance the area’s economic agenda, Freeholder Director Louis Magazzu said.
We assume that Lou would have control over the political appointees to this authority. It would be another puppet under his control to divy out money to his supporters while holding funding from political opponents.
Magazzu said the Improvement Authority rarely does economic projects. He called it a source of frustration.
Could that be because the CCIA is in the business of running a landfill, and is not a bank? The CCIA does give out grants and loans to enterprises that help further its mission.
The loan, grant and bonding capacity of the Cumberland Empowerment Zone has papered over the problem in the past, he said.
AndLou criticizes the UEZ – didn’t he appoint those people too? Rather than fix the mechanism that is already in place to perform the task, Lou proposes to create yet another bureaucracy filled with his loyalists. Perhaps he will reward another slumlord such as Joe Veight, who rarely attends the meetings at the CCIA. Or perhaps another pothead such as Bridgeton Democratic Chair Todd Edwards, who missed almost every meeting as board member of the CCUA, but has not yet missed a paycheck or benefit.
To create an entity whose purpose is to create bonds is to encourage public debt. The organization would be compelled, even if it were subconsciously, to find reasons to create more situation to bond public money. While public bonds are often necessary, we should be looking to minimize public tax debt that will be a burden on future generations.