Pioneer Press reporter Pete Gonigam has found a source, former McHenry County College board member Tim Stratton, now a “public financing attorney,” willing to point out that if the McHenry County minor leaguer baseball team tanks, McHenry County College will have to come up with the money to pay off the proposed debt certificates.

If the minor league baseball team doesn’t pan out, MCC would be obligated to pay them off with “all lawfully available funds,” Stratton said.

My source used the term “come hell or high water” to characterize the debt certificates. In other words, the borrowers could care less where the money came from. They would be paid regardless of the success of the team.

You can read what I found and published in May here.

Also of interest is that both MCC board members Scott Summers and Donna Kurtz told the Algonquin Countryside reporter that alternatives to debt certificates were not explained to the board by MCC President Walt Packard. Other forms of financing might have required a referendum, Stratton revealed.

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McHenry County Board members Donna Kurtz and Scott Summers look left at MCC President Walt Packard.