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  Introduction of bond system for the Taunton casino accord

Taunton – Attorney Michael Schaller of the Taunton’s legal consultant firm, i.e. Chicago-based Shefsky & Froelich stated on Friday that as per the agreement between the city and the Mashpee Wampaoag tribe, the tribe and its financial partners could issue special revenue bonds with the help of the city or a state agency for funding the infrastructure improvements. He added that it facilitates the city to utilize $15 million for the project that are not meant for the casino. As announced by Cedric Cromwell, the Mashpee Wampanoag Chairman and Mayor Thomas Hoye Jr. on Thursday, the city would be paid millions by the tribe for hosting a casino. More work could be got done at a lower interest rate and our legal counsel has made assessment of all aspects and we are quite optimistic about the same. However, the city would have to pay for any other expenses that are not related to the casino, he said.
Jason Buffington, the City Solicitor said that some bonded costs and various city infrastructure costs are involved. The city would bear some of the mitigation costs that would be supported through a letter of credit or guaranty on the part of the tribe or its financial partner, he said.


   2012-05-19






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