The Kerrville Daily Times' lead article this morning is captioned "City ponders $8.5M loan from KPUB." Next to the headline is a picture of Stephen Fine with a quote, "KPUB doesn't have anything to do with the pond itself, but it's still utility related. KPUB is just loaning money to the city, and the city is going to pay us back." Fine is chairman of the KPUB board. He's second from left below, and Rambo Pratt is on the far right.
Throughout the article, Fine brags about what a good deal it is for KPUB. "Fine said instead of finding a place to invest the funds for almost no interest, the money can stay local and be used now.... KPUB is just loaning money to the city, and the city is going to pay us back."
Why is Fine allowed to vote as a council member when it's clear he is motivated by what's good for KPUB? Jack "Rambo" Pratt is also on the KPUB board, so he should also recuse himself.
Fine's position is that KPUB can make more profit on the interest rate it will charge the city than it could in other investments. Does this mean the city could get a better interest rate somewhere else?
It sounds like this is a done deal? If so, when and where was it done? Was the Open Meetings Act violated? Why are the meeting upstairs tonight instead of in the council meeting room?
Throughout the article, Fine brags about what a good deal it is for KPUB. "Fine said instead of finding a place to invest the funds for almost no interest, the money can stay local and be used now.... KPUB is just loaning money to the city, and the city is going to pay us back."
Why is Fine allowed to vote as a council member when it's clear he is motivated by what's good for KPUB? Jack "Rambo" Pratt is also on the KPUB board, so he should also recuse himself.
Fine's position is that KPUB can make more profit on the interest rate it will charge the city than it could in other investments. Does this mean the city could get a better interest rate somewhere else?
It sounds like this is a done deal? If so, when and where was it done? Was the Open Meetings Act violated? Why are the meeting upstairs tonight instead of in the council meeting room?
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