There's a good piece today on the background of North Minneapolis's Concordia Care Center:
http://www.startribune.com/stories/462/4892246.html In the story was this interesting nugget: "Concordia, owned by Benchmark Healthcare of Minneapolis, has defaulted on $2.8 million on revenue bonds issued by the city of Minneapolis to help Benchmark buy the home in 1998. Benchmark is a unit of the nonprofit Foundation for the Elderly, based in Arden, N.C.: Can some city official (or finance person in the know) say whether city taxpayers are on the hook for the default? My semi-informed guess is no - revenue bonds are backed by the project's revenue, not property taxes (those would be general-obligation bonds). So the bondholders are out of luck, not the taxpayers. I think. But more informed folks, please weigh in. David Brauer List manager REMINDERS: 1. Think a member has violated the rules? Email the list manager at [EMAIL PROTECTED] before continuing it on the list. 2. Don't feed the troll! Ignore obvious flame-bait. For state and national discussions see: http://e-democracy.org/discuss.html For external forums, see: http://e-democracy.org/mninteract ________________________________ Minneapolis Issues Forum - A City-focused Civic Discussion - Mn E-Democracy Post messages to: mailto:[EMAIL PROTECTED] Subscribe, Un-subscribe, etc. at: http://e-democracy.org/mpls
