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Your Family; Collateral Damage

As part of a $4.5 million loan agreement, Belmar must put up as collateral all future revenues (not already promised to someone else) to FEMA.  My question is: If FEMA is going to be reimbursing us for tens of millions of dollars like we have been told they are, why are we borrowing money from them and why do we need to put up collateral?

BTW, aside from this $4 1/2 million, we are also bonding another $5 million Wednesday night for water and sewer work.  By my calculation, that now puts Belmar’s total debt at just shy of $50 million.  There’s approximately 2500 households in Belmar.  Do the math…….  OK I’ll do it for you.  It comes out to $20,000 per household.


One Comment

  1. Chazman wrote:

    This makes no sense. I thought FEMA was giving that money? Looks like a loan to me which means it is now taxpayer responsibility. This is probably Jim Bean’s fault too, right Council?

    Saturday, June 1, 2013 at 10:15 pm | Permalink

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