"Out of hand" is the catchphrase of the season:
"This is the worst example of reckless borrowing I've ever seen," board Chairman Scott Kunka said just before the 3-2 vote of the five-member board. Kunka is also the city's finance director. (Trib, Bill Vidonic)
I'm told that Admiral Chris of Just Ducky spoke eloquently on the problems the Authority would have encountered in terms of facilities maintenance, and on its own clear lack of necessity or motivation for purchasing these assets at such a serendipitous price.
ANALYSIS: At least it refused to pay for a study it'd just wind up ignoring for its own reasons. Score one for the Authority in terms of financial stewardship right off the top.
NEXT UP: Likely the original Council-President Plan of simply having the City take out the debt will be revisited. That will be interesting. Also, this time next week some real-world pensions facts from PMRS will arrive -- which among other things, will clarify what a state takeover would feel like.
MORE: Trib, Bill Vidonic;