Jun 27 2008
July 9th-Hot Air Tour
Host:
Americans for Prosperity - NC
Type:
Causes - Rally
Time and Place
Date:
Wednesday, July 9, 2008
Time:
11:30am - 1:00pm
Location:
Halifax Mall (Behind the General Assembly), Raleigh, NC
Street:
Between Wilmington Street, Salisbury Street, and Lane Street
City/Town:
Raleigh, NC
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Contact Info
Phone:
9198391011
Email:
info@afpnc.org
12 Questions of Accountability
To: NC Legislators, City officials, Attorney General, State Auditor
After months of denying a rate increase, then denying the rate increase is due to anything other than fuel costs, ElectriCities of NC finally admitted a booboo. But this one is very costly to the good people of eastern NC. They finally admitted, after telling us to USE FANS to save money.
Jesse Tilton CEO “converted a portion of the debt from fixed-rate loans to variable-interest loans in 2004. The move was expected to save around $10.5 million a year in interest payments, but instead, the collapse of the subprime mortgage market caused those interest rates to climb unexpectedly. Between last December and April, the payments were nearly $4 million over budget. They have since converted that debt back to fixed rates, but the damage was done. NCEMPA’s debt service payments are rising $12 million a year, or equal to a two-percent hike in the wholesale rate.”
http://www.wilsontimes.com/News/Local/Story/Electric-rates-face-August-increase–
How much has the most refinancing of the debt cost us in total?
When was it discovered to be a bad deal? Officials in Wilson told us March was when they were told but the CEO knew in October. But the people, the people who have to pay were not told until June and many city officials were not told until June.
When did the CEO inform the cities, the board? March some; June most
How long had he known when he informed them? He knew in Oct. 2007 and did not tell his board until March. He let the costs increase and did not tell.
How much did it cost during that interim?
Has the refinancing of the debt been cleaned up - i.e. has it been refinanced again?
How much did that cost?
What percentage of the rate increase is due to the poorly managed refinancing of the debt?
Why are you not informing the ratepayers of the true costs of the rate increase? They are starting to now after lying for a while to the press and the people and even some city officials.
How much have operational costs increased (%) over the past three years?
What cuts will ElectriCities make to demonstrate that they understand the burden they have placed on eastern NC?
Why is the ElectriCities Board continuing to employ a CEO who has mismanaged public money, cost the ratepayers needlessly and hidden the facts? How can you employ a half million dollar CEO who screwed up this badly along with his overpaid managers. How can you lie to the press and people time after time. And how can board members take thousands of dollars in “salary” for being on a board when they are not doing their job. WE NEED OVERSIGHT
http://www.wilsontimes.com/News/Local/Story/Electric-rates-face-August-increase–
And why did Sen Martin Nesbitt and Rep Dan Blue (A former ElectriCities lobbyist) get a bill passed for ElectriCities and then get a PAC contribution when they have no electric city in their district. And why would a bill pass letting this group enter into ANYTHING for any longer than 3 years when the ineptness is so OBVIOUS.
Enrolled and on its way to the Governor’s office for signature is a bill that allows joint municipal
assistance agencies to make and execute contracts for more than three years. HB 1679 entitled Joint Municipal Assistance Agency Contracts, introduced by Rep. Earl Jones (D-Guilford),
was given a favorable report out of the Senate Judiciary I Committee and received unanimous support on the Senate floor. Senator Nesbitt (D-Buncombe) explained the bill on the Senate floor and stated that he had no idea why anyone would put such a restriction on an organization trying to do business. The bill amends General Statute 159B-44 by removing the three-year limit. ElectriCities will be able to bind its members in contracts for a period longer than three years.The bill is effective as soon as the Governor signs it into law.
THIS IS NOT GOOD. YOU DO NOT REWARD BAD BEHAVIOR WITH MORE AUTHORITY