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Drake: Lengthening Town’s Debts Is Not In Our Interest

“In the last 12 budgets, we’ve appropriated the massive amount of $664 million to create improved infrastructure… We financed these projects either from cash reserves or with our successful borrowing policy of short maturities. Our general practice is to borrow over seven years: a one-year note rolled over to a second year, followed by a five year bond. The clear advantage of this approach is that the debt is rapidly retired.” – Bill Drake, Republican member of the BET Continue Reading →

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