Wednesday, May 23, 2012

JJ needs volunteers.

Jackson Jambalaya needs your help if you live in Jackson. This website has taken an active interest in bonds over the years, providing coverage on bond deals the rest of the media didn't see fit to report. The dirty little secret of state, county, and local governments is bonds are one of the largest sources of sweetheart deals. Competitive bidding? Hardly ever happens as local governments usually hand out all the associated contracts for lawyers, bankers, and various consultants to their friends with no thought given to saving money for the taxpayers. Butler Snow walks in, does some work, quick $50,000. A connected "financial advisor" such as Malachi gets an easy $100,000. The convention center hotel was the last straw. Malachi was going to get $1.5 million in fees (Source: CL), another guy was going to get $2 million to "monitor" the project, and then there were all the lawyer fees, underwriting fees, and so on. Then there is the question of whether the bond deals themselves are good for taxpayers.

City council members and Supervisors unfortunately do not even know the right questions to ask when these deals are presented. I've filed public records requests for all documents about bond packages with the city of Jackson and received more documents than what were given to the city council. Unfortunately, too many of these deals are created just to generate fees for the good ole boys. Mayor Johnson and the city council refinanced nearly $30 million in bonds two years ago. The refinancing gave the Mayor $5.5 million a year for three years in up-front money, allowing him to escape the budget disasters plaguing other cities. Want to know how he is getting away with not laying off employees or drastically cutting services? This is it. However, there is just one problem. After five years, the city has to start paying money on the refinancing instead of receiving money. The city will pay over $4 million a year in the last few years of the bonds. Jackson will thus pay $8 million more than if it never refinanced the bonds. Earlier post with chart.

More packages will come down the turnpike. A new hotel project. A $10 million loan for Farish Street. More bonds for Old Capital Green. Yup, we are going to have a 38% vacancy rate in office space downtown and the JRA recommended selling bonds to build more office space. Nuts.

Well, Harvey Johnson and Kenneth Stokes pointed out something in the law that was unknown to me. They threatened to force a referendum on any bonds used to finance the Byram-Clinton Corridor Project. I was unaware such could be done so I looked at the code and shazam, the law does allow them do so such a thing if they can get 1,500 signatures of registered voters in Hinds County. Hmmm...... you mean there is a way we can scrutinize these bond deals a little bit more when our elected leaders drop the ball, including my councilman and supervisor? Thank you for the idea, Kenneth and Harvey. I checked the code and sure enough, we can do the same thing for the city of Jackson. Section 21-33-307 of the Mississippi Code states:

"Before issuing any bonds for any of the purposes enumerated in Section 21-33-301, the governing authority of the issuing municipality shall adopt a resolution declaring its intention so to do, stating the amount of bonds proposed to be issued and the purpose for which the bonds are to be issued, and the date upon which the aforesaid authority proposes to direct the issuance of such bonds....... If ten percent (10%) of the qualified electors of the municipality, or fifteen hundred (1500), whichever is the lesser, shall file a written protest against the issuance of such bonds on or before the date specified in such resolution, then an election on the question of the bonds shall be called and held as is provided in Section 21-33-309...."

Once the council passes the bond resolution specifying the date for the sale of the bonds, we have 21 days to get 1,500 signatures to force an election. The resolution will need 60% of the vote to pass. Such an election will not kill the bond package BUT what it will do is make our conscript fathers tell us why they should be allowed to max out our credit card. They want to refinance some more bonds and line some pockets? First you have to get our approval. Want to build a convention center hotel while monitors are paid $2 million? Got to come to us first. For too long Jackson residents have been victimized by bond deals and let down by their leaders. It's time to put a brake on some of this foolishness.

Here is what JJ needs. If you are interested in gathering signatures to place bond deals on the ballot, send an email to kingfish1935@gmail.com. Once a resolution is passed, we only have 21 days to gather the 1,500 signatures. That means 21 days to hit the pavement, work the Kroger parking lot, bug your neighbors, and be one of those crazy people walking around with a clipboard. Don't let the city or county whine about the cost of holding such an election. They will pay more than the cost of a bond referendum to one adviser and there are several advisers and underwriters on these deals. So if you want to volunteer and be a Minuteman to hold their feet to the fire, send me an email. Such a referendum will not kill the deal as the voters can approve it. However, it will force officials to actually explain a sale of bonds to us and why we should approve it. The bond issue will need 60% approval from the voters.
The legislature gave you, the voters, the power to inject some responsibility into city finances- if you use it!

11 comments:

Anonymous said...

This has been around for decades. I cant believe you didnt know about it. You, of course, know that the minute that it is used successfully once (to stop a big bond project), the lobbyists and the legislature will amend the law to increase the number of signatures required, and make it harder if not inmpossible to use.

Anonymous said...

There are several prominent names in MS that have built their financial and political fortunes from non-competitive public bond issues --- Kane Ditto and William Winter are two that readily come to mind.

Anonymous said...

Sic 'em.

Anonymous said...

KF - Count on the support of the tea party.

We stand for free markets, limited government and fiscal responsibility.

Sweet-heart deals, secrecy and lack of tranparency in government contracts hardly qualifies as fiscal responsibility.

Anonymous said...

I don't live in Jackson, KF.

Anonymous said...

Too bad you cant circulate your petitions in Madison where all your readers are located.

Kingfish said...

That is of course assuming I wouldn't do the same thing to Madison County or other cities in that county if they decide to pass some bond resolutions.

Anonymous said...

We need to look at the same thing on state bond issues.

Anonymous said...

KF - ignore the whiners and losers. Participatory democracy is great.

Angusbangus said...

Rock on... they may change the law to require more, but how many hits do you get a day Kingfish?

Between JJ and the other poltically oriented sites around town coupled with Twitter/FB, I bet you could have a signing party of thousands organized pretty quickly - a democracy flash mob.

Anonymous said...

i read this post and no one seems too interested. But I just read the Joey Langston post and everyone was slapping each other on the back thinking that Joey Langston just lost a 14 million dollar fee that he earned. Gotta love the self righteous.

One day people will realize that unless they are the CEO of a major bank, oil company or pharmaceutical company, they might as well be garbage collectors. they are lambs being led to the slaughter.



Recent Comments

Search Jackson Jambalaya

Subscribe to JJ's Youtube channel

Archives

Trollfest '09

Trollfest '07 was such a success that Jackson Jambalaya will once again host Trollfest '09. Catch this great event which will leave NE Jackson & Fondren in flames. Othor Cain and his band, The Black Power Structure headline the night while Sonjay Poontang returns for an encore performance. Former Frank Melton bodyguard Marcus Wright makes his premier appearance at Trollfest singing "I'm a Sweet Transvestite" from "The Rocky Horror Picture Show." Kamikaze will sing his new hit, “How I sold out to da Man.” Robbie Bell again performs: “Mamas, don't let your babies grow up to be Bells” and “Any friend of Ed Peters is a friend of mine”. After the show, Ms. Bell will autograph copies of her mug shot photos. In a salute to “Dancing with the Stars”, Ms. Bell and Hinds County District Attorney Robert Smith will dance the Wango Tango.

Wrestling returns, except this time it will be a Battle Royal with Othor Cain, Ben Allen, Kim Wade, Haley Fisackerly, Alan Lange, and “Big Cat” Donna Ladd all in the ring at the same time. The Battle Royal will be in a steel cage, no time limit, no referee, and the losers must leave town. Marshand Crisler will be the honorary referee (as it gives him a title without actually having to do anything).


Meet KIM Waaaaaade at the Entergy Tent. For five pesos, Kim will sell you a chance to win a deed to a crack house on Ridgeway Street stuffed in the Howard Industries pinata. Don't worry if the pinata is beaten to shreds, as Mr. Wade has Jose, Emmanuel, and Carlos, all illegal immigrants, available as replacements for the it. Upon leaving the Entergy tent, fig leaves will be available in case Entergy literally takes everything you have as part of its Trollfest ticket price adjustment charge.

Donna Ladd of The Jackson Free Press will give several classes on learning how to write. Smearing, writing without factchecking, and reporting only one side of a story will be covered. A donation to pay their taxes will be accepted and she will be signing copies of their former federal tax liens. Ms. Ladd will give a dramatic reading of her two award-winning essays (They received The Jackson Free Press "Best Of" awards.) "Why everything is always about me" and "Why I cover murders better than anyone else in Jackson".

In the spirit of helping those who are less fortunate, Trollfest '09 adopts a cause for which a portion of the proceeds and donations will be donated: Keeping Frank Melton in his home. The “Keep Frank Melton From Being Homeless” booth will sell chances for five dollars to pin the tail on the jackass. John Reeves has graciously volunteered to be the jackass for this honorable excursion into saving Frank's ass. What's an ass between two friends after all? If Mr. Reeves is unable to um, perform, Speaker Billy McCoy has also volunteered as when the word “jackass” was mentioned he immediately ran as fast as he could to sign up.


In order to help clean up the legal profession, Adam Kilgore of the Mississippi Bar will be giving away free, round-trip plane tickets to the North Pole where they keep their bar complaint forms (which are NOT available online). If you don't want to go to the North Pole, you can enjoy Brant Brantley's (of the Mississippi Commission on Judicial Performance) free guided tours of the quicksand field over by High Street where all complaints against judges disappear. If for some reason you are unable to control yourself, never fear; Judge Houston Patton will operate his jail where no lawyers are needed or allowed as you just sit there for minutes... hours.... months...years until he decides he is tired of you sitting in his jail. Do not think Judge Patton is a bad judge however as he plans to serve free Mad Dog 20/20 to all inmates.

Trollfest '09 is a pet-friendly event as well. Feel free to bring your dog with you and do not worry if your pet gets hungry, as employees of the Jackson Zoo will be on hand to provide some of their animals as food when it gets to be feeding time for your little loved one.

Relax at the Fox News Tent. Since there are only three blonde reporters in Jackson (being blonde is a requirement for working at Fox News), Megan and Kathryn from WAPT and Wendy from WLBT will be on loan to Fox. To gain admittance to the VIP section, bring either your Republican Party ID card or a Rebel Flag. Bringing both and a torn-up Obama yard sign will entitle you to free drinks served by Megan, Wendy, and Kathryn. Get your tickets now. Since this is an event for trolls, no ID is required. Just bring the hate. Bring the family, Trollfest '09 is for EVERYONE!!!

This is definitely a Beaver production.


Note: Security provided by INS.

Trollfest '07

Jackson Jambalaya is the home of Trollfest '07. Catch this great event which promises to leave NE Jackson & Fondren in flames. Sonjay Poontang and his band headline the night with a special steel cage, no time limit "loser must leave town" bout between Alan Lange and "Big Cat"Donna Ladd following afterwards. Kamikaze will perform his new song F*** Bush, he's still a _____. Did I mention there was no referee? Dr. Heddy Matthias and Lori Gregory will face off in the undercard dueling with dangling participles and other um, devices. Robbie Bell will perform Her two latest songs: My Best Friends are in the Media and Mama's, Don't Let Your Babies Grow up to be George Bell. Sid Salter of The Clarion-Ledger will host "Pin the Tail on the Trial Lawyer", sponsored by State Farm.

There will be a hugging booth where in exchange for your young son, Frank Melton will give you a loooong hug. Trollfest will have a dunking booth where Muhammed the terrorist will curse you to Allah as you try to hit a target that will drop him into a vat of pig grease. However, in the true spirit of Separate But Equal, Don Imus and someone from NE Jackson will also sit in the dunking booth for an equal amount of time. Tom Head will give a reading for two hours on why he can't figure out who the hell he is. Cliff Cargill will give lessons with his .80 caliber desert eagle, using Frank Melton photos as targets. Tackleberry will be on hand for an autograph session. KIM Waaaaaade will be passing out free titles and deeds to crackhouses formerly owned by The Wood Street Players.

If you get tired come relax at the Fox News Tent. To gain admittance to the VIP section, bring either your Republican Party ID card or a Rebel Flag. Bringing both will entitle you to free drinks.Get your tickets now. Since this is an event for trolls, no ID is required, just bring the hate. Bring the family, Trollfest '07 is for EVERYONE!!!

This is definitely a Beaver production.

Note: Security provided by INS
.