[AsburyPark]
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[AsburyPark] Here we go again......?
or Not learning from history and past mistakes. ...The City of Asbury Park is a seashore resort with a resident population of 15,000. It presents a familiar picture of optimistic and extravagant municipal expansion caught in the destructive grip of general economic depression: elaborate beachfront improvements, costs in excess of estimates, deficits not annually met by taxation, declining real-estate values, inability to refinance a disproportionately heavy load of short-term obligations, and, inevitably, default. Accordingly, in January, 1935, availing themselves of the New Jersey Municipal Finance Act, creditors applied to the Supreme Court of New Jersey to place the state Municipal Finance Commission in control of the city's finances http://tinyurl.com/24sgcyg Happy New Year... 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/
Re: [AsburyPark] Here we go again......?
thank you for posting that werner. very interesting to read. -steve In a message dated 1/3/2011 1:46:03 P.M. Eastern Standard Time, wernera...@yahoo.com writes: or Not learning from history and past mistakes. ...The City of Asbury Park is a seashore resort with a resident population of 15,000. It presents a familiar picture of optimistic and extravagant municipal expansion caught in the destructive grip of general economic depression: elaborate beachfront improvements, costs in excess of estimates, deficits not annually met by taxation, declining real-estate values, inability to refinance a disproportionately heavy load of short-term obligations, and, inevitably, default. Accordingly, in January, 1935, availing themselves of the New Jersey Municipal Finance Act, creditors applied to the Supreme Court of New Jersey to place the state Municipal Finance Commission in control of the city's finances _http://tinyurl.com/24sgcyg_ (http://tinyurl.com/24sgcyg) Happy New Year... Werner [Non-text portions of this message have been removed] 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/
[AsburyPark] Re: Here we go again......?
--- 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/
