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Ramapo, N.Y., Alters $39 Million Sale Following FBI Raid

After an FBI raid on Ramapo, N.Y.'s town hall on May 15, the town has decided to replace a sale of $39 million in general obligation bonds Thursday with a note sale.

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Comments (1)
Ramapo, after denying that it had completed its financial statement for 2012 published on EMMA on October 15, 2013. It is still telling local citizens that it has not published either the Ramapo statement or the statement of the Ramapo Local Development Corporation.

It has scheduled a public hearing on its still confidential budget for 2014 after the local election on November 5th.

Lying to the public is legal. Unfortunately for supervisor Christopher St. Lawrence, lying to bond holders is illegal

Ramapo's net position of government activities was a negative $11,843,994 in 2012. There is no possibility it will be able to meet its bond obligations in 2014 without once again issuing new BANs.

Robert I. Rhodes, Ph.D. Chairman, Preserve Ramapo www.PreserveRamapo.org
Posted by Robert R | Saturday, October 26 2013 at 7:12PM ET
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