Calgarypuck Forums - The Unofficial Calgary Flames Fan Community - View Single Post

troutman · 03-22-2011, 09:59 AM

Hulsizer letter doesn't change Goldwater stance
http://www.winnipegfreepress.com/spe...118403224.html

Glendale taxpayers have been given no protection against a future team bankruptcy. If the team goes bankrupt again, taxpayers will assume the full cost of bond repayment—this is on top of what taxpayers are already paying for the construction of Jobing.com Arena. Any restructured deal should legally protect taxpayers from liability for the bond repayment if the team fails again.

Arizona’s Constitution categorically prohibits the use of public debt to finance private businesses. Glendale justifies public borrowing on the grounds that the city is acquiring valuable consideration in the form of parking rights. However, the city may already own a significant portion of those rights, and the team does not presently have the legal right to sell the rest. If so, the city essentially is "selling" parking revenue rights to itself, which would be a clear violation of the Gift Clause. The new proposal does not address this.

The City of Glendale continues to ignore multiple requests from the Goldwater Institute to disclose public information related to the funding source of the $25 million and the documentation supporting the proposed arena management fees

Goldwater steadfast in vow to block sale of Coyotes
http://www.theglobeandmail.com/sport...rticle1950832/

03-22-2011, 09:59 AM	#565
troutman Unfrozen Caveman Lawyer Join Date: Oct 2002 Location: Crowsnest Pass Exp:	Hulsizer letter doesn't change Goldwater stance http://www.winnipegfreepress.com/spe...118403224.html Glendale taxpayers have been given no protection against a future team bankruptcy. If the team goes bankrupt again, taxpayers will assume the full cost of bond repayment—this is on top of what taxpayers are already paying for the construction of Jobing.com Arena. Any restructured deal should legally protect taxpayers from liability for the bond repayment if the team fails again. Arizona’s Constitution categorically prohibits the use of public debt to finance private businesses. Glendale justifies public borrowing on the grounds that the city is acquiring valuable consideration in the form of parking rights. However, the city may already own a significant portion of those rights, and the team does not presently have the legal right to sell the rest. If so, the city essentially is "selling" parking revenue rights to itself, which would be a clear violation of the Gift Clause. The new proposal does not address this. The City of Glendale continues to ignore multiple requests from the Goldwater Institute to disclose public information related to the funding source of the $25 million and the documentation supporting the proposed arena management fees Goldwater steadfast in vow to block sale of Coyotes http://www.theglobeandmail.com/sport...rticle1950832/ Last edited by troutman; 03-22-2011 at 10:01 AM.