City of Neosho to borrow additional 1.3 million dollars to replenish the general fund and avoid insolvency.
Locally, the city of Neosho, MO. is using Certificates of Participation to BORROW another 1.3 million dollars. Because... Certificates of Participation "are one of several forms of debt that cities can take on with ONLY a vote of the city council." (It passed 3 - 2)
Don't want to get those pesky 'voters' involved in all this at any level of government it seems... Imagine that...
The mayor of Neosho said that barring the infusion of additional money, the city would be unable to meet two upcoming debt service payments totaling almost $850,000.00. The first of those payments is due next month. The next payment is due in May, leaving the city little time and no other options.
The mayor also said of the BORROWING that "In the short term, it's something that's got to happen."
The hidden/secret drama continues across the country...