Tuesday, July 02, 2013

Shaky Market Delays Bridge Bond

A fluctuating bond market has forced Northampton County officials to delay, at least temporarily, an $21.5 million bond for bridge repairs and capital improvements at Gracedale, the County-owned nursing home. A bond auction that had been scheduled for today has been delayed until July 18.

A few weeks ago, Fed Chair Ben Bernanke announced plans to end a federal bond buyback program, and financial markets went nutz.

They do that every time he farts.

Noting that "there are times when you should step aside," Financial adviser Robert Fuller believes the market is stabilizing. If that does not happen, and interest rates continue to climb, County officials will scrap the refinancing portion of the bridge bond. But they still intend to bond $11.4 million for the bridge repairs and generators at Gracedale.

"These projects have to be done," noted Council member Scott Parsons. The County has identified 18 bridges in serious need of repair, and Hurricane Sandy last year left the nursing home without power after generators failed.

12 comments:

Anonymous said...

Using non-union labor allows more worker's to be hired for less money.

Bernie O'Hare said...

Any publicly bid project requires the use of contractors who pay prevailing wages. And that is as it should be. If non union jobs are below that, what does that say about them?

Anonymous said...

Sell the Place already

Anonymous said...

If non-union wages are below a legislated prevailing wage, it says the union wage is likely inflated and we're being forced to pay too much. Governments setting wages is not efficient. It simply provides the opportunity to sell votes to labor special interests in exchange for political payback. Politicians win. Unions win. Taxpayers and the 86% non-union households lose.

Now, can we discuss limousine rides for non-emergency transport at Gracedale? Why not? Money is apparently no object.

Alan Earnshaw said...

Bernie,

I'm not sure about Northampton County, but in my corner of Lehigh County, the prevailing wage rates are from Philadelphia. We've done the analysis, and wages are lower in the Lehigh Valley than in Philly. At least for our school district, prevailing wage has added millions of dollars in school construction project costs over the last decade.

If we can't get rid of prevailing wage (which would be my preference), we ought to at least have the rates set based on the local labor market.

Anonymous said...

What is the prevailing wage for Undocumented Day Laborers in the LV? About $100.00 a/day.

Anonymous said...

Barbie, I love how our corporate overlords have succeeded in killing unions and getting the lower classes to fight each other for the crumbs off the table.

They succeeded beyond their wildest dreams. Of course with ala carte news outlets, the dumbing down of America is almost complete.

Anonymous said...

Mathmatically, Minimum Wage earning lower class Taxpayers cannot provide adequate reveneus for publically financing prevailing wage Union jobs.

Anonymous said...

So 2:51, is the solution we should all starve together. Other than the corporate class living in their summer homes at the moment.

Anonymous said...

@ 7:12 We already are.

Bernie O'Hare said...

"What is the prevailing wage for Undocumented Day Laborers in the LV? About $100.00 a/day"

Really, Can you provide me a link to data where i can substantiate your claim? I would guess about $40-50.

Anonymous said...

Ask one of the people standing in front of Home Depot or Lowes. That's where you pick them up.