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THE FOLLOWING LETTER FROM CROTON UNITED'S PAUL STEINBERG APPEARS IN THE 1/29/15 EDITION OF THE GAZETTE:
for revenue generation from the Gouveia endowment and property as set forth by
Mayor Weigman and Trustee Pugh are risky on both investment and legal grounds.
Mayor Weigman proposes to borrow at the village General Obligation (GO) bond
rate and invest the Gouveia money. He says this is smart because the difference
will produce net revenue.
What the Mayor describes is properly called an "arbitrage bond" and
it can result in the IRS declaring Village GO bonds to be taxable. This would
have serious consequences, including potentially locking the Village out of the
Mr. Pugh goes even further and is seeking a 5 percent return on Treasuries, or
possibly investing in the stock market. READ THE REST HERE https://www.facebook.com/notes/croton-united/croton-united-member-paul-steinbergs-129-gazette-letter-regarding-the-gouveia-ac/402212069935830