Bristol Virginia Bond Rating Crashes
Update July 2017 Bristol bond rating raised to stable.
Back in April Moody's downgraded Bristol Virginia's rating from A1 to A3 over it's massive borrow and spend programs to pay for corporate welfare such as the troubled Falls Development. One person I spoke to says Bristol is spending every dime they are getting on debt repayments.
They were also handing out $2 million to a Roanoke developer for a downtown hotel called the Sessions. See Sessions Hotel Massive Taxpayer Ripoff.
In April they were $55 million in the red and borrowed more I believe since then and are in a lawsuit over borrowing another $20 million for incentives in July. The City has a population of about 17,000 and is ranked as one of the poorest cities in Virginia. Ref. BHC April 26, 2014.
Democrat Governor Terry McAuliffe intervened at the urging of former state senator Phil Puckett to get state taxpayers to bail out the project. This was done by diverting sales tax dollars to Bristol to pay off their debts and to borrow millions more.
Update Nov. 25, 2014: Bristol Virginia is celebrating after floating another $34 million in bonds to underwrite the Falls Retail development. They are handing Cabela's a direct $17.5 million payoff.
Remote Area Medical Exposes Government Hypocrisy Again
The weekend of July 20, 2014 saw our annual spectacle of Remote Area Medical (RAM) in Wise Virginia. Over 2500 people attended the three-day event seeking mainly medical, dental, and vision services unavailable to the multitudes of impoverished residents.
The value of the free care given at RAM was valued at approximately $6.3 million. But also present as in previous years was our illustrious Virginia governor this time Democrat Terry McAuliffe. This hypocrite was present moaning and whining about Republicans not funding Medicaid expansion after helping Republicans divert $100 million for a Bristol retail development.
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