Paying For Solar Panel Fiasco

832-2021 ORDINANCE AUTHORIZING THE GUARANTY BY THE COUNTY OF UNION, NEW JERSEY OF PAYMENT OF PRINCIPAL AND INTEREST ON THE COUNTY GUARANTEED REVENUE BONDS, SERIES 2021 (RENEWABLE ENERGY PROGRAM PROJECT) OF THE UNION COUNTY IMPROVEMENT AUTHORITY IN AN AGGREGATE PRINCIPAL AMOUNT NOT EXCEEDING $5,500,000.

This represents the bonds that the UCIA still has to pay on that solar panel boondoggle that anybody could see were destined to default . Here are comments made on the ordinance and a little background as gleaned from the EMMA website.

When you sell bonds you have to keep the people you sold those bonds to informed of anything that might threaten their investment. After an initial Event Notice dated May 17, 2013 on the Tioga bankruptcy, there have been, since 2015, ten Event Notices regarding Union County’s guarantee kicking in. Here is the cover sheet of one:

The unscheduled draws on credit were all about Union County taxpayers having to make good on the bond payments ($6.66 million out of $9 million so far).

One response to this post.

  1. Posted by qpat00 on October 25, 2021 at 12:42 pm

    this is the genesis 2010 article of Mr Bury’s that premonition being spot on. We observed such stupidity from them back then. Sadly nothing has changed, the latest being the implosion of the “supposedly private” entity of the Union County Improvement Authority the action giving people like UC CFO Bibi Taylor and UCUA Daniel Sullivan underserved riches. But i digress….link to december 2010 solar article….good read. https://countywatchers.wordpress.com/2010/12/15/seeing-the-light/

    Reply

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