Cleaning out some old files, I found campaign literature I distributed in my Algonquin Township Precinct 7.
Among the pieces was one from then State Rep. candidate Barbara Wheeler.
On the front, she publicizes her past experience on the McHenry County Board and her stand against tax increases with the words,
Experienced
Leader &
Tax Fighter
You can see for yourself below:
State Rep. Barbara Wheeler’s 2012 campaign piece.
On the back of her palm card, Wheeler highlights that she “…will continue to fight these tax proposals…”
The back of Barb Wheeler’s 2012 palm card also emphasizes her opposition to tax increases, although on the state level.
In that paragraph, she points specifically at “the 67% temporary tax increase.”
This campaign piece might be of interest because Wheeler just voted to allow the McHenry County Conservation District to sell new bonds without a referendum as old bonds are paid off.
When new bonds are issued, they will be paid with property taxes that would not otherwise have been levied.
If you would like to encourage Governor Pat Quinn to follow his populist roots, requesting that any new taxes imposed by the MCCD Board (which is appointed by the McHenry County Board) be first approved by the voters, you can ask for a veto by accessing the Governor’s incoming email address. Just click below:
https://www2.illinois.gov/gov/Pages/ContacttheGovernor.aspx
You can read my email to Quinn in this article:
In late 2014 MCCD issued $108 million of new bond debt (emma.msrb.org/ CUSIP number is 580818).
These bonds were to refinance bonds dated 2005 and 2007, amount about $116 million dollars.
The interest rates on new 2014 bonds were 3%-5%, similar to the old bonds being refinanced, so the new bonds sold at a premium and created a cash-out surplus.
$126.5 million was generated by sale of the new bonds, $915,000 immediately paid to the financial and legal advisors.
Where did the difference go?
Tax levy did not decrease.
Budget did not decrease.
If MCCD truly meant to save money for taxpayers, why didn’t they issue the new bonds at lower interest rates?
(How is the cash-out refi ever going to pass through to taxpayers? Our homes remain equally debt-encumbered every year as taxing body refinances, takes cash-out difference, spends the cash, and keeps extending debt into the future.)
MCCD has demanded and received more money each year, even as McHenry County property values have declined year after year.
Relentless higher spending by a taxing body without regard to declining property values seems to be correlated: Moody’s downgraded MCCD debt rating, assigning a negative outlook, in May 2014, citing pressured property tax revenues tied to significant declines in property values and a high debt percentage ratio.
(Ignoring the economic downturn, MCCD has spent more each year without regard to the twofold impact on citizens: higher property taxes, and decreased home values.
Home values are correlated to property taxes, as persons may rationally choose to live elsewhere with property taxes an average 1.25% of home value rather than in McHenry County with property tax rates of 3-4%.
There is no reason to believe MCCD will alter behavior in the future to take citizens’ economic wellbeing into account when making budget and borrowing decisions.
Moody’s also describes the new 2014 bonds as follows: ” …are secured by the district’s general obligation unlimited tax pledge, which benefits from a dedicated property tax levy that is unlimited as to rate or amount.”
(In addition to 4% property tax rates–potential homebuyers at any price may be scared off by the evident appetite of taxing bodies such as MCCD to incur debt with our homes as collateral.)
This is really bad news, susan.
This is all my fault.
For the forty years I have lived here, I paid very little attention to this type of thing.
I naively thought that our “elected” officials had this all under control and would always act with integrity.
I am the fool here.
Shame on me.
Now how do I go about righting this?
Get the word out, next time Wheeler runs and let them know she is not an advocate for the tax payers.
Is anyone here?
We pay such high taxes but people have been brainwashed to think Republicans are for low taxes.