A bond is enforceable to the SA or in this case the City but not the State. State had nothing to do with the bonds. Now out of the generosity of the state it has allowed the bonds to be paid off with the cities portion of the tax increment.
Bond holders have no expectation that anything will be built from the proceeds, the only expectation is that they receive the advertised return on their investments. That is it.
A Recognized Obligation is a Construction Contract or a contract to build if you like. Since no contracts were ever let to spend the proceeds of the Bond before July 22, 2011 the bond proceeds are sequestered and legally not to be used. These idiots including the City Attorney knew this from the outset.
They thought they could confuse the issue by making the words “enforceable” and “Recognized” one in the same. No such luck butter cup, no such luck. The State saw and sees right through that ruse.
The City Attorney is out gunned and out smarted. his recent reply brief was both unresponsive and juvenile. His own declaration was Nixonian in nature and kind of funny to read….. Basically he wants the court to know that, “I’m not a crook!”
Oh, yes you are, and I believe the State is about to prove it conclusively.
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