How Would Money Borrowed from $41 Million Valley Hi Surplus Be Repaid?

An interesting question just got tossed my way.

"Ver-r-r-r-y In-ter-r-r-r-es-s-s-s-ting."

“Ver-r-r-r-y In-ter-r-r-r-es-s-s-s-ting.”

Those currently in control of the McHenry County Board intend to borrow money from the Valley Hi Fund
($41,183,130.81 was yesterday’s figure) to make repairs around the courthouse complex.

How will the loan be repaid?

What will the revenue source be?

Sales taxes?

Income taxes?

My contact says that the plan is to levy more Valley Hi taxes to repay the money borrowed from the Valley Hi Nursing Home.


Comments

How Would Money Borrowed from $41 Million Valley Hi Surplus Be Repaid? — 6 Comments

  1. So they want to abolish the tax to valley hi, but they also want to borrow from its fund and have no way to pay it back?

    I might call these people schizophrenic, but I wouldn’t want to insult the mentally ill by comparing them to the government.

  2. Why don’t you make a FOIA request, speak to the treasurer or ask administrators like a normal person instead of pretending there is some kind of conspiracy.

  3. Martha, questions are good.

    The County Board is suspect, so is the County Administration that has allowed such a gigantic surplus to build over the years.

  4. “My contact says that the plan is to levy more Valley Hi taxes to repay the money borrowed from the Valley Hi Nursing Home.”

    So to make a long story short the County nursing home becomes a subterfuge for an unethical if not illegal revenue generator.

    Next thing you’d expect to hear is that they paid $140 for a toilet seat like the U.S Government did.

    This type of shenanigans is never good for the taxpayer, and frequently doesn’t end well for the politicians either. Ever notice how this crap always seems to happen right AFTER an election.

  5. I’d be interested in the explanation as to how the Valley Hi Fund’s own levy proceeds legally qualify to be treated as an interfund loan repayment due from another fund.

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