If the District Council continues its “We know what’s best for YOU stance” there is every chance a rates revolt could occur when the ratepayers realise that they are in the gun for unnecessary rates of $79million spread over 25 years.
This is the difference in loan servicing charges between the proposed borrowings of $42million for the Cardno plant and a much lower figure of only $18million for a plant which will work and which the Mayor and Councillors do not wish you to know about.
The aforementioned $79milion is made up of lower loan servicing charges $41.5million based on an average interest rate over the term of 5%, and operational costs savings of $37.5million – being $1.5million a year for 25 years.
Come on ratepayers. Tell the Mayor and Councillors you demand that they halt the signing of the Cardno contract until the alternative proposal has been given a proper hearing.
Chairman, Ratepayers Assn.