Power Of The Purse

Today Mr. Angle was quoted in the Morning Call as saying "the Charter gives council the power of the purse." Such arrogance. Is that's what this is really all about Mr. Angle, power?

Mr. Angle wants his way...or no way. Clearly what the people want does not matter to him or to County Council. "We the People" don't seem to count to them. It seems they missed the Express Times Poll which shows that 91.22 % of NorCo residents want a say on this issue. That's pretty close to 100% wouldn't you say?

Mr. Angle and the County Council should tell the people the truth about why they really want to sell Gracedale. Perhaps the reason is that they involved themselves in a Swaption, which turn out to be a poor decision, and in 2012 when the swaption comes due they will have to pay back 18.5 million dollars. Yes, your eyes read right. Residents of NorCo don't be fooled, be informed. Please have Mr. Angle and CC explain this to you during their public meetings.

As we understand it, they don't have the funds to cover the cost. So, instead of saying that CC will need to increase taxes to cover the swaption, its easier to say "sell Gracedale", but please do not disclose that CC will use 18.5 million of the sale to pay for the swaption.

Definition taken from the Internet - A swaption is an option granting its owner the right but not the obligation to enter into an underlying swap. Although options can be traded on a variety of swaps, the term "swaption" typically refers to options on interest rate swaps. We're not sure what this means either, let's ask CC.

They continue to say they will have to raise taxes to keep Gracedale, what happened to the 5.5 million that Gracedale made? Perhaps what they should be saying is that they need to raise taxes to pay the swaption.

What's worse is they are now threatening to retaliate by not funding Gracedale should the petition "of the people, for the people" succeed. Mr. Dietrich can be heard on County Council video use the word "retaliatory". They are threatening to de-fund Gracedale to get even with us, the residents of NorCo, "We The People" for legally exercising our rights. There needs to be an investigation!

We shall be there to ask some questions too, we just hope that we are given the proper opportunity, without interruptions, and we hope civilly, which has not been the case in the past.