Ok I did some checking around.
The Bank John Sturd works for, Union State, stands to make very little from the school bond issue. Anything they make would be indirect, and is available to any bank.
Really everyone could benefit by having $35 million spent in Arkansas City over the next three years.
But here is the deal.
The school board will go through a bond counsel - bond attorney - and will issue the bonds through a bond house, or agency. This would be a huge bank in a major city like Kansas City.
That will be decided by bid, which the local banks will not be in on at all.
Now, the banks can buy some of the bonds, as an investment. Any bank could do that.
Sturd told me that the bank does sometimes buy securities as an investment. They make money off the money that is deposited which is how they can pay interest on savings accounts and still make a profit.
So, to say Sturd and his bank will benefit is not accurate.
He could be in this because he believes in it.
They may benefit indirectly, but any bank in town could do that.
j
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15 comments:
"So, to say Sturd and his bank will benefit is not accurate.
He could be in this because he believes in it.
They may benefit indirectly, but any bank in town could do that."
Why did Union State BAnk automatically get the deal in the first place? Shouldn't it have been a bid situation?
Why did Union State BAnk automatically get the deal in the first place? Shouldn't it have been a bid situation?
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They don't have the deal.
The deal will be bid out later.
and wont be with a local bank, but with a bonding institution.
Im not sure how all that works, but just any bank can't do bonds.
Be interesting to see how it comes out.
But Union State is the school board's bank. I guess that's where their checks are written.
A few years ago there was a lot of switching between banks by several local government agencies.
What deal? The post clearly states there was no deal in the first place.
There is not a deal.....any bank in town can buy the bonds pure and simple. There is no conspiracy.
You can buy municipal bonds, too!
You can buy municipal bonds, too!
Anyone know where a person can buy those?
They would be guaranteed wouldn't they?
Just Vote NO,, to many funny things wrong with this deal
Just Vote NO,, to many funny things wrong with this deal
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Opponents keep coming up with "funny" things. Truth is told, and they just come up with something else.
Sturd and the bank on the take is hilarious. Desperation is showing.
Maybe they will hire illegal aliens too, but these ones are from Mars.
Wouldnt be surprised if the Mexican government is in on it too. How much is $30 million in pesos?
LOL
Joke's on the people who are against everything, vote YES.
I agree with the last poster. Don't vote against the bond because of "funny" things or that you distrust how this was presented or how they came up with the different parts of it. Vote against it because it is bad for the community and bad for seniors and bad for kids.
jj, would you please post the results of the bond on the blog, when you know it?
Thanks.
sure will
they are anticipating being done around 6 p.m.
preliminary results may be available around 3
ill keep ya posted :)
jj
Vote against it because it is bad for the community and bad for seniors and bad for kids.
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Can you explain to me how it can be bad for the kids? How can investing in the children of our community be bad?
TIGHTWADS!
the kids can't afford to pay for it in the future when they make 8 bucks after they get their ged
I find it interesting that the Union State Bank was for spending $60,000,000 in tax dollars for school improvements but we against the proposed commercial development in the north end of town that would have increased valuation in the city and school district.
I don't believe they were against the spending. I think they were against new business coming to town. The question is, did they direct the 3 amigos, or vice versa?
Well written article.
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