Let the games begin-as the Roman Emperors used to say. Jerry Green has replied to the Mapp Courier document.
Green makes a good point; the Plainfield line of credit would take a big hit if the city "absorbed" the PMUA with its large debt.
That would be true, but did PMUA have a guarantor for its bonds? It would have no credit line when it was organized. Is the City responsible for a default by PMUA? If so Green's argument is worthless.
No one has answered the question whether the City can force the dissolving of the PMUA. I have heard that the city can not take over an Autonomous Municipal Authority. Where are the lawyers when you need them pro bono?
Did anyone read Paul Mulshine's OP-Ed in Wednesday's Ledger.Disturbing at best.Every one except the real wealthy and the stater dependent poor are going to get the shaft again. Corzine has applied Goldman-Sach's operating practices to the State. Take care of the 'bigs",the "ins", the power blocks and the H*** to everyone else.
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The PMUA is a quasi-governmental authority. Only PMUA (maybe state of NJ) is responsible for its debts. Against its debts are its assets and ability to raise cash thru billings to homeowners. Today Plainfield is not on the hook for any debt that PMUA has. If it were to be taken over, then yes, we would be 100% on the hook.
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