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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]It passed the house of delegates and now goes to the state senate. I hope Louise can stop it over there.

The key phrase in the financing is :”the full faith and credit”. This is a term of art in public finance which means Youngkin wants to pledge the full faith and credit of Virginia towards payment of the bonds (assuming general obligation bonds). This is VERY important because that essentially means that Virginia is promising to use whatever money it has to pay the debt service on the bonds to bond holders and cannot simply default or refuse to pay should the proposed revenue stream (ticket sales, sales tax, property tax, etc) not raise enough at any time to pay the debt service.

Furthermore, this means Virginia would literally need to go bankrupt as an entire state before those bonds could default. This also means every single Virginia tax payer’s money is on the line, no matter where you live in Virginia. The federal government put its full faith and credit behind Fannie Mae issued bonds in the 2000s, and look how that turned out. It’s the main reason the fed had to bail out the banks.

This is serious, and we have a bunch of elected clowns in both parties who don’t seem to really understand the niche of public finance. [/quote]

Louise already stopped it in the Senate. I think she agrees with you. This is a horrible deal for Virginians. If it is such a nobrainer deal, then Ted should go to the banks and get the financing for it himself.[/quote]

She did not stop it. She held it up in order to get something she wants from Youngkin. Once she gets something for Portsmouth, she’ll move the arena bill forward. It’s Politics 101.[/quote]

Except as the numbers are coming out the deal looks worse and worse for Virginia taxpayers.  The stall gives time for people to really assess it.[/quote]

Of course time does that, but these politicians (on both sides) are going to get theirs like all politicians do. Each one is going to leverage their vote to get something for their constituents. The ones that represent the areas immediately by PY (except for Bennett-Parker but I have no doubt she will cave too) do not care what the people here think. And threatening to vote them out won’t work either because people in Alexandria and Arlington consistently vote in lock step with one party progressive democrat rule no matter what. Nothing will change.

I’ve lost all hope. It is an insanely bad decision. [/quote]

The proposal is coming from a republican governor. I am not sure what lockstep democratic voting means for that in this case. Are you suggesting a GOP candidate for these seats in Alexandria would oppose the GOP governor?[/quote]

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