So, I go out to mail box this morning and find a Ron Johnson direct mail piece.
On the front it says, "When was the last time you visited these places?" And then it has three post cards, with one saying "Wish you were here" and from the "Mount Snow Ski Resort, West Dover, Vermont." Then on the other side it says:
Probably never, but because of Russ Feingold... you helped pay for them.
When Russ Feingold voted for the budget-busting $862 billion "stimulus" bill, he spent your hard-earned tax dollars on thousands of wasteful projects:
$25 million for snowmaking machines and chairlifts... in Vermont.
Then in the footnotes for this $25 million it says Feingold "spent," it says:
1) Press Release, State of Vermont, "Governor and Treasurer Announce Approval of $135 Million in Economic Development Bonding Authority," October 14, 2009; Website of the Vermont Economic Development Authority, "Veda Approves $92.3 Million in Federal Stimulus Recovery Zone Financing," June 7, 2010
So, I go to the press release they mention and here's what it says:
The bonds which are issued will be revenue bonds, and so the state’s credit rating is not affected by this issuance. Neither the federal nor state government nor VEDA provides any kind of credit guarantee for these bonds so the projects and applicants must be able to satisfy investors that they will be repaid. In general, bond funding must be used to acquire or construct new depreciable assets. VEDA will underwrite applications and assist borrowers in placing their bonds. All bonds must be issued by December 31, 2010 and the maximum bond issuance for any one project is $25 million.
Gee, that sounds familiar. Ron Johnson, of course used revenue bonds THREE times to build and add-on to his plastic factory.
Ahhh... yet another case of two Rons don't make it right.