--- In [email protected], asburyst...@... wrote:
>
> thank you for posting that werner. very interesting to read.
>
> -steve
>
You are most welcome - I am still a student of Asbury Park in spite of the City
having tortured me for 10 years.
An interesting passage is...
"...How, then, can claims against a financially embarrassed city be enforced?
Experience shows that three conditions are essential if the municipality is to
be kept going as a political community and, at the same time, the utmost for
the benefit of the creditors is to be realized: impartial, outside control over
the finances of the city; concerted action by all the creditors to avoid
destructive action by individuals; and rateable distribution. In short, what is
needed is a temporary scheme of public receivership over a subdivision of the
State. A policy of every man for himself is destructive of the potential
resources upon which rests the taxing power which in actual fact constitutes
the security for unsecured obligations outstanding against a city."...
Best Regards -
Werner
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