Republicans must hold fast on new bonding

"In October the Passaic County County Employee’s Retirement System (PCERS) will run out of funds. It had been established in July 1967, but actuarial studies were constantly in error, leading to a near collapse of the fund in 1993.
The freeholders thus passed a $30 million bond issue figuring the amount would carry PCERS until 2020! Again this was based on erroneous actuarial data. And even though the Democrats had full control of the Freeholder Board for years now, they simply ignored the problem.
Republicans freeholders proposed that funding of the system should be included in the annual operating expenses, but this was dismissed by the Democrats.
As usual they proposed another bond issue to the tune of about $23 million. This would of course cost the taxpayers and their children lots of money in principle and interest.
The problem is that under the county charter, the Democrats need five out of seven votes to approve a bond issue. They’d be one shy, if the Republicans don’t blink. That would mean extensive layoffs to avoid default in October.
I not only urge the Republicans to vote down the bond ordinance, I urge all county voters to put Walter Garner and Thomas Gomez on the freeholder board and to cast their ballot for Felix Garcia for sheriff.
It’s time to end years of Democratic dysfunction in Passaic County."
http://www.garcia2010.org/
Letters To The Editor
06/07/2010
Steve Raymor
Wayne