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Billy Givens
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Bethlehem's Callahan administration and Water Authority have a pattern of leasing and/or selling city-owned property back and forth to each other as collateral for floating bonds for capital improvements to the water plant and of refinancing those bonds with risky financial instruments called "swaptions" - interest-rate swaps between a party - the city or the Authority and the underwriter - with the option by either party of calling the transaction.
The city and the Authority did this in 2004 with the swaption refinancing of the $94 million water debt - a deal that prompted Northampton County Council Finance Committee Chairman Ron Angle to request an investigation by county DA John Morganilli - who, not surprisingly, found no evidence of wrongdoing.
The refinancing erupted into ah acrimonious disagreement between Mayor Callahan and Authority President Ronald Donchez that in the heat of the argument led to Callahan calling Donchez a "----ing boyscout."
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Billy Givens
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At the same time, Angle asked Morganelli to investigate the swaption refinancing of $67 million of the General Purpose Authority's year 2001 $111 million megabond - an investigation that Morganelli also whitewashed.
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Billy Givens
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Morganelli also signed off on the "agreement" between Bethlehem City Councilman Robert Donchez - Ronald Donchez's brother who cast the deciding swing vote approving Sands BethWorks - and an LLc principal Phillipsburg Attorney Michael Perrucci making the casino responsible for providing its own security.
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Billy Givens
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I allege that governments like Northampton County are refinancing their debt with swaptions and securitizing or "bundling" the debt - in the manner that financial instituions like Bear Stearns securitized home mortgages leading to the current Subprime mortgage crisis.
This kind of financial mismanagment though the market manipulation of derivatives like swaptions led to the downfall of Long Term Capital Managment (LTCM) in the private sector and Organge County, California, in the public arena.
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Billy Givens
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On December 27, 2001, Northampton County Councilman-elect Nicholas R. Sabatine III, Esq., wrote District Attorney John Morganelli an urgent memo.
In it, Sabatine, citing legal precedents from case law, urged Morganelli to investigate the circumstances surrounding the issuance of the county's $111 million megabond.
In a letter dated January 3, 2002, addressed to Sabatine, on the day that he was sworn in as a councilman, Morganelli denied his December 27, 2001, request.
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Billy Givens
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Sands BethWWorks is arguing its independence of and immunity from the city of Bethlehem's - and the Pennsylvania Commonwealth's - public-safety jurisdiction and responsibiities to bolster its position that the casino is a private, not a public, entity and as such should be exempt from any government-imposed bans such as smoking.
And by the way, what is the classification of Bethlehem Commerce Center's Commerce Boulevard, for which Northampton County taxpayers paid $13.1 million out of the year 2001 $111 million megabond for construction and landscaping costs?
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Billy Givens
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Bethlehem is the only government in the state to abandon its pumps. The abandonment occurred in 2000, five years ater the city took over maintenance from Bethlehem Steel.
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Billy Givens
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Alkhal clamis to understand people's fears about flooding, which are heightened by the uncertainty of the effects of global warming on rainfaill patterns in the watershed.
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Billy Givens
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Alkhal is a professional engineer, just as Darlene Heller is a professional planner, both paid for their services by Bethlehem's taxpayers.
The policy recommendations of both of these officials threaten the safety, health, and welfare of the community.
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Billy Givens
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Had Morganelli investigated the events surrounding the issuance of the $111 million bond, he would have discovered that all seven members of the county's General Purpose Authority issuing it had been appointed in violation of the Municipality Authorities Act of 1945 as amended.
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yourmomma
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Once again we have dictator schweder and his puppet babbles belinski playing negative on a positive idea from thee boy mayor's administration. belinski is so far off base on this that it makes her belly aching about starters at the golf course seem minor. schweder just threw his two cents in because he can't help but be negative. It's time the citizens got rid of these two negative forces on council and elect people who really care about the future of bethlehem instead of their own little personal quirks.
Kudos to Karen Dolan for not taking their crap
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Citizen
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Billy, Do you even live in Bethlehem?
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eights and aces
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Citizen wrote: Billy, Do you even live in Bethlehem? He actually lives in the state of disoreintation where he is a legend - in his own mind.
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Judge it!
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