Park Bonds II - Interest Cost

Bonds

Voting yes for Park Bonds is like putting $62 million in a paper shredder.

Bonds are the dumbest way to finance non-emergency government projects. The debt service or interest on these bonds will be $4.3 million a year. 5% of the unpaid balance goes into the shredder. On a $62 million balance the first year interest charge is $3.1 million. The other $1.2 million is principle. Bonds are like a home mortgage, we take out a home mortgage because the entire cost of the house is paid at closing, when we buy it. Houses are a high cost, high use necessity, parks are a high cost, low use venue. Bond interest is a big part of government waste.

Parks

Parks require maintenance and police time. More parks, require more maintenance and police time. Parks are open for public use and are more vulnerable than subdivision swim and tennis clubs.

Parks Plan

Voting for the Bonds indicates that you approve the Parks Plan as it currently exists. If you still disagree with parts of the Parks Plan, you should vote no. In the current plan, the ball fields have been removed from Dunwoody Park, a $2 million unnecessary cost.

No Bond, Incremental Improvement

The advantage to incremental improvement of parks over time is that citizens would be able to continue to influence park modifications and the city can avoid making costly mistakes. Incremental projects are managed more closely, confirmed by users and implemented more carefully. The biggest advantage of paying for park improvements from general revenue over time is that with no Bonds to pay off, we will not be putting our $62 million interest in the paper shredder.

Norb Leahy, Dunwoody Ga Tea Party Leader