By: Libi Uremovic, January 26, 2014 | Original Article at Patch.com
When confronted regarding how much money Kapanicas makes from the sale of each bond he stated: “Zero”.
Kapanicas then went into detail on how it would be violating State Law to collect money for the sale of bonds while holding the office of City Manager.
He is correct in that it is illegal for him double-dip and make a profit on the sale of bonds.
Attached is bond showing Kapanicas as City Manager and Special Tax Consultant. What’s more disgusting than Kapanicas holding both titles is that the title of ‘Special Tax Consultant’ seems to be something Kapanicas invented. Bonds from other cities have do not pay a ‘special tax consultant’.
Castaldo then went into detail about how he’s never seen Checks to General Government Management Services on the Check Warrant.
That is correct: All of the Profiteers listed on the Bond’s Face are paid through Union Bank and as a sitting Councilman he should have known that.
Also attached is a copy of a emails from Rod Gunn to the City. The December 21, 2011 email states: “Please wire to Union Bank $292,549 no later than Wednesday December 21 (2011) for deposit in the Authority 2011 Series A Cash Flow Management Fund ($183,496.88) and the IA 17B Construction Fund ($109,052.12). In Addition the City should submit the following invoices to Union Bank for payment: Authority Administrative Expenses $25,000; IA 17B 2011 Series B Administrative Expense Fund $25,000 and IA 17B 2011 Series B Cost of Issuance Fund $25,000; IA 17B 2011 Series B Administrative Expense Fund $25,000 and IA 17B 2011 Series B Costs of Issuance Fund $25,000 for Special Tax Consulting”
The email dated April 24, 2012 states: “Please remember to arrange the wire of $51,650.63 to Union Bank for deposit into the Cash Flow Management Fund. Closing is this Thursday. Also submit invoices for $25,000 to the Authority for admin expense and $25,000 to the District (IA 20) for amin expenses and $25,000 to the District (IA 20) for Special Tax Consulting.”
Lies repeated over and over are still lies. All taxpayer money is accountable because it is transferred electronically.