SWSDA GOT YOU ... FOR ANOTHER HALF MILLION!

-------- Your tax dollars at work ---------

WHAT YOU DIDN'T KNOW!

Did you know that it is ILLEGAL for municipalities to guarantee SWSDA debt because it is a private society? Probably not......

Do you think municipal administrators (CLerks and CAO's) know it is illegal? I believe they do...... and have known for some time......

Do you think your wardens, mayors and councllors know? You bet they do.....

SO... HOW DO YOU EXPLAIN THE FOLLOWING?

UNBELIEVABLY.... EVERY year all nine of the municipalities on the SWSDA Board renew their guarantees of SWSDA's line of credit at the Royal Bank of Canada! Mind-boggling!!

Here's what residents of EACH municipality owe the bank if SWSDA defaults......

Town of Yarmouth Residents ....$95,750
Municipality of the District of Yarmouth Residents .... $116,750
Municipality of the District of Argyle Residents .... $100,750
Town of Lockeport Residents .... $8,500
Municipality of the District of Barrington Residents .... $92,250
Municipality of the District of Shelburne Residents .... $61,500
Town of Shelburne Residents.... $22,500
Town of Clarks Harbour Residents ..... $12,000

Total $510,000 (Please note that Clare has not provided guarantees according to SWSDA's 2006/2007 Financial statements even though they are one of the nine municipalties on SWSDA's Board. (Maybe that is one of the reasons that Clare reps on the Board are so supportive of Mr. Anderson.....) Or was it that great junket to Austria a few years ago.... more about that later.)

This is of course additional to our yearly funding of 1/3 of SWSDA's core funding by the municipalities.

DID YOU KNOW..... that for the last two years Mr. Anderson has been trying to get municipalities to add another $200,000 in guarantees to the already existing $500,000 but municipalities have been warned not to do that by the Department of Municipal Affairs!

So this creative lot has gotten around the problem while they try to get the Provincial government to change the rules... in the following manner......
These folks are soooooo smart!

Municipalities have been providing "repayable grants" to SWSDA this year in amounts equal to the additional guarantee requested by Mr. Anderson..... Smart EH?!? Now we are not just guaranteeing debt, we are avoiding it by giving SWSDA and Mr. Anderson the money....

If the province ever changes the rules municipalities will be expected to provide the increased guarantees and SWSDA will "return" the grants received..... (;-)

BTW.... If you believe that, you probably believe that SWSDA has been holding the balance of the maintenance fund since the sale of the Boys School on June 27, 2007 and the proceeds from the sale of the Boys School in a segregated interest-bearing account.... More about this later this weekend.

ANYWAY.... THOUGHT YOU SHOULD KNOW.... INFORMED CITIZENS HAVE THE POWER TO CONTROL CHANGE!