Additional information regarding Marshall’s debt.
To the editor:
In the letter to the Editor in the Independent on Thursday, the three current council members presented some additional facts about the overall debt in Marshall.
For the record Mr. DeCramer, Mr. Schafer and Mr. Sturrock stated that 45 percent of Marshall’s current debt will be paid off in five years, and 90 percent in 10 years.
While this is interesting, over the past 8 years the City of Marshall has issued approximately $95 million in new bonds and during that same period have paid off approximately $111 million. It appears that they are making headway at reducing the overall debt.
So on average from 2010 – 2017, they have averaged $11,899,375 per year in approving new bonds, and paid off an average of $13,905,488 per year.
So as one can see, the city has a record of paying off some portions of the debt each year while also approving new bonds/debt.
What I find interesting, is now the three current members of the council say that 90 percent of Marshall’s current debt will be paid off in 10 years. Does this mean that the three members of the council, if they are all re-elected, will vote NO on issuing any new bonds during the next five or even 10 years?
Or will the city continue to take on new debt at an average of approximately $12 million per year?
Again, with the letter to the editor you have publically stated that 90 percent of Marshall’s CURRENT DEBT will be paid off in 10 years. What about future debt?
Candidate for Marshall City Council – Ward 2