--- In AsburyPark@yahoogroups.com, asburyst...@... wrote: > > thank you for posting that werner. very interesting to read. > > -steve >
You are most welcome - I am still a student of Asbury Park in spite of the City having tortured me for 10 years. An interesting passage is... "...How, then, can claims against a financially embarrassed city be enforced? Experience shows that three conditions are essential if the municipality is to be kept going as a political community and, at the same time, the utmost for the benefit of the creditors is to be realized: impartial, outside control over the finances of the city; concerted action by all the creditors to avoid destructive action by individuals; and rateable distribution. In short, what is needed is a temporary scheme of public receivership over a subdivision of the State. A policy of every man for himself is destructive of the potential resources upon which rests the taxing power which in actual fact constitutes the security for unsecured obligations outstanding against a city."... Best Regards - Werner ------------------------------------ Yahoo! Groups Links <*> To visit your group on the web, go to: http://groups.yahoo.com/group/AsburyPark/ <*> Your email settings: Individual Email | Traditional <*> To change settings online go to: http://groups.yahoo.com/group/AsburyPark/join (Yahoo! ID required) <*> To change settings via email: asburypark-dig...@yahoogroups.com asburypark-fullfeatu...@yahoogroups.com <*> To unsubscribe from this group, send an email to: asburypark-unsubscr...@yahoogroups.com <*> Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/