UCCF 8/22/19: UCIA Bailout

Tonight’s freeholder meeting included over an hour for an executive session where representatives from the Union County Improvement Authority (UCIA) sold the freeholders on another plan to make the the debt payment on the solar panel fiasco though UCIA Executive Director Daniel Sullivan, no stranger to misappropriating funds, claimed otherwise:
.

.
You be the judge:

2019-695 Resolution authorizing the County Manager to enter into a Shared Services Agreement by and between the Union County Improvement Authority and the County of Union for the continued evaluation and analysis of the occupancy and space utilization needs of County properties in the amount not to exceed $488,000.

2019-697 Resolution authorizing the County Manager to enter into a Shared Services Agreement by and between the Union County Improvement Authority and the County of Union concerning the procurement of operation, management, maintenance and concessionaire services for Galloping Hill, Ashbrook, Warinanco and Scotch Hills located in Union County, in the amount not to exceed $100,000.

2019-701 A resolution authorizing the County Manager to execute an Amendment III to the Shared Services Agreement with the Union County Improvement Authority (UCIA) for Recreational Improvement to Oak Ridge Park. (No change in contract amount.)

.

.

.

.

.

.
From Paying for Solar Panel Fiasco 5/31/16:

As indicated in an Official Statement:

The revenues generated by the Renewable Energy Projects are principally proceeds from the sale of SRECs and proceeds from the sale of electric energy to various governmental entities in the County. Under the Lease Agreement, the revenues generated are credited against the Company’s obligation to make the lease payments. Due principally to the drop in SREC prices since the time the Renewable Energy Bonds were issued, the Renewable Energy Projects are not currently generating revenues sufficient to satisfy the Company’s lease payment obligations under the Lease Agreement in full and, therefore, are not sufficient to pay the full amount of debt service on the Renewable Energy Bonds.

But with Tioga bankrupt who now is responsible for coming up with the money to make those bond payments? In the same Material Event Notice dated October 19, 2015 from which the quote above was taken we have this explanation:

All debt service payments due from the time the Authority declared the Company in default under the Lease Agreement, through and including the April 15, 2015, interest payment, were paid by the Authority, in full when due, from a combination of accumulated revenues, other amounts held under the Renewable Energy Bonds bond resolution (the “Bond Resolution”), and funds provided by the Authority. The County was not required to make a payment under the County Guaranty. The County had appropriated in the 2015 budget sufficient monies to pay the entire $1,267,810.00 principal and interest payment on the Renewable Energy Bonds that was due on October 15, 2015 (as well as the $252,810.00 interest payment due on April 15, 2015 which did not require any payment under the County Guaranty). Pursuant to the County Guaranty, the County was required to pay an amount of $960,321.57 that, together with $261,212.57 of available monies on deposit in the Debt Service Fund and $46,275.86 of available monies on deposit in the Revenue Fund of the Bond Resolution, was sufficient to pay the principal of, and interest due on, the Renewable Energy Bonds on October 15, 2015. The County intends to appropriate sufficient monies in the 2016 budget to pay for all debt service due on the Renewable Energy Bonds in 2016.The Authority is exploring the feasibility of refinancing the Renewable Energy Bonds in an effort to structure debt service payments that more closely match revenues.

So what then is the plan for coming up with the money? Ordinance 775-2016 offers a clue which we will explore in the next blog on debt issues that came up at the last freeholder meeting.

From Solar Panel Fallout 8/10/17:

What is the scandal here? Losing $26 million on a scam project approved by a bunch of dopes or losing $500,000 on an investigation telling you that you are a bunch of dopes?

“Ultimately this project, which was not supposed to cost the county anything … is costing the county millions, and will impact the county budget for years to come,” [former State Comptroller Matthew] Boxer said from the podium….The law firm’s report asserted that all county employees had acted in “good faith,” despite not appearing to comprehend the risks posed by the project.

This was Sussex County as something like this would never happen in Union County. The investigation part I mean. The scam we got and Union County taxpayers, through another bailout of the Union County Improvement Authority, are now paying.

9 responses to this post.

  1. […] From chapter 10 of the book which I got through in its entirety during an executive session involving a bailout close to home. […]

    Reply

  2. Posted by Reads Like a Mafia Book on August 23, 2019 at 10:18 am

    And Bury was ridiculed by Jonathan Williams from the DeCotiis law firm when Bury questioned this entire solar scam. Now the taxpayers are being ridiculed by the County for having to pick up the tab, including those towns who opted to not join in the solar scam. Everyone, except so-called professionals who made millions off this harebrained idea, got screwed, whether they asked for the screwing or not.

    Reply

  3. Posted by bpaterson on August 23, 2019 at 6:10 pm

    that 2016 bond ordinance for $1.25 million (wow-almost the same $ as the solar bond payment is supposed to be). This one says its for improvements to the plainf Park Madison building floor renovations. To find out if the UCIA and the UCG was in the illegal conspiracy of conversion of moneys, the question is what was this work actually worth. Contracts to contractors and layout drwgs would need to be OPRA’d from the UCIA, and even check the bills list for the expenditures against the contracts. JB1 is usually right, that there is a corrupted system inside the UCIA and UCG. After all the UCIA director (ex-FH) Daniel Sullivan was pocketing unauthorized moneis and was caught and made to reimburse back, oddly without a single penalty or punishment. And after the asw Stender and her husband were caught scamming habitat for humanity to put a second floor on their beach house, she stepped down from being an asw and then was quickly hired at the UCIA. Of course crooks hire crooks. But there has to be an investigation or at least enough evidence to get the proper authorities involved to check. Its almost a given though, the whole gang is corrupted and the taxpayers always foot the bill.

    Reply

  4. Posted by bpaterson on August 23, 2019 at 6:20 pm

    The FHs can get off the hook like sussex. All they have to do is say they meant well but were idiots and then for proof just refer to all the county watchers and my videos where we continually prove they are idiots. Yikes!-We unfortunately gave them the alibi!!!!

    Reply

  5. Posted by whoever on August 23, 2019 at 9:45 pm

    Disappointed in Matt Boxer, but then again his department had no teeth. In the end, he was another sell-out.

    Bury and you Paterson doing what the County won’t do FOR FREE,

    Yet we pay them for their ignorance and stupidity so those freeholders can pad their pensions, reward other dumb democrats and steal from taxpayers.

    Reply

  6. Posted by Reads Like a Mafia Book. on August 24, 2019 at 11:20 am

    Here’s the video of Jonathan Williams calling critics (surely referring to JB) “specious”, Lying Lawyer.

    Reply

  7. […] freeholders as covered officially (meaning those outlets that get bribed with legal-ad money) when confronted with possible scandal and instead of looking to investigate what could turn out to be unpleasant and possibly costly […]

    Reply

  8. […] large debt payment was due to be made this month to try and cover up the Solar Panel fiasco (as was pointed out). Among […]

    Reply

Leave a Reply to bpaterson Cancel reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: