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Debt On The Ramifications Letter of August 11th, 2008

What is a ramification?


   This page is to show everyone how much debt we were threatened with on in the ramifications letter of August 11th, 2008.

   1 - Rumpke, 3 years, $200,000.00 per year = $600,000
   2 - fire/ems 7 years $330,000.00(+4% per year) = $2,710,694.67
   3 - police $37,000 per year(+4% per year) = $292,236.90
   4 - salt barn, $110,000 due immediately = $110,000.00
   5 - building addition $20,000 2 more years = $40,000.00
   6 - cruiser lease $7,500 = $7.500.00
   7 - cruiser lease $7,500 2 years = $15,000.00
   8 - excavator $10,000 = $10,000.00
   9 - telephone $7,500 5 years = $37,500.00
10 - software $3,700 for 5 years = $18,500.00
11 - chapel re-alignment $4,400 10 years = $44,000.00
12 - Unknown
Now if you add that all up it comes to $3,885,431.57

Lets goto to page 2.

fire related $2.990.000.00
police related $302,000.00
other $625,000.00

This totals $3,917,000.00

So the first thing we find out is tme we have 2 different totals in the same threatening letter.

So lets forget page 2 for a minute and concentrate on page one. I am going to knock off the REALLY EASY ones first.

#4 - salt barn, It is paid immediately so it will of course be gone by the time the village is dissolved so it isn't a debt that we will have nor is it a ramification.

NEW DEBT TOTAL $3,885,431.57 - $110,000.00 = 3,775,431.57

#1 - rumpke, no debt at all, contract expires 12/31/2008, enough coming in to pay for most of 2009.

NEW DEBT TOTAL $3,775,431.57 - $600,000.00 = $3,175,431.57

#2 - fire/ems. The earliest that the village can be dissolved is in November, 2008 because it must be voted on and that is the next election month. The contract with Union Township calls for the payment ot be made October 1st of the calendar year for which the payment is made. Therefore the 2008 payment will be made before the village can be dissolved and therefore should not be considered part of the debt.

NEW DEBT TOTAL $3,175,431.57 - $330,000.00 = $2,845,431.57

#3 - Police. The earliest that the village can be dissolved is in November, 2008 because it must be voted on and that is the next election month. The contract with Union Township calls for the payment to be made October 1st of the calendar year for which the payment is made. Therefore the 2008 payment will be made before the village can be dissolved and therefore should not be considered part of the debt.

NEW DEBT TOTAL $2,845,431.57 - $37,000.00 = $2,808,431.57

Monday February 23rd. Sorry, I am not done with this, check back tomorrow and I will try to have it finished so you can see the REAL debt as close as I can possibly get it.

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