Posts tagged debt
Boulder’s energy future is brighter
Nov 6th
City outlines implications for possible creation of electric utility
While some votes remain to be counted tonight, ballot measure 2E appears headed for a significant victory with a competing ballot measure 310 poised for defeat.
The approval of measure 2E, pending final results, will give the city flexibility in moving forward with the initial 2011 voter-approved path toward exploring the creation of a local electric utility while also recognizing concerns about unforeseen costs and customer representation. Specifically, measure 2E puts a limit on the amount the city can pay to acquire the system and clarifies some out-of-city service issues. The ballot measure includes the following:
- Setting a limit of $214 million for acquisition of Xcel’s assets and stranded costs, if stranded costs are paid in one lump sum.
- Allowing out-of-city customers, if any are included, to serve on the advisory board of a potential local electric utility.
- Facilitating utility choice on a neighborhood-by-neighborhood basis to potential out-of-city customers.
- Requiring rates of out-of-city customers to be the same as those in the same class of in-city customers.
- Limiting brokerage fees associated with acquiring debt to industry standards.
These requirements are in addition to criteria passed by voters as part of the Charter in 2011. These are:
- Rates must be equal or less than those offered by Xcel Energy at the time of acquisition.
- The utility must have sufficient revenue to cover operating costs and debt, plus carry a reserve of 25 percent of the debt amount, referred to as “Debt Service Coverage Ratio.”
- Reliability must remain comparable to that being offered by Xcel Energy.
- There must be a plan to increase renewable energy in the supply.
- There must be a plan to decrease greenhouse gas emissions that result from a fossil-fuel based electricity supply.
The original 2011 voter-approved Charter language on municipalization can be found at –http://www.colocode.com/boulder2/charter_articleXIII.htm. The provisions in 2E will be added to the existing Charter requirements.
“We are pleased with the results of today’s election concerning the municipalization ballot items,” said Heather Bailey, executive director of energy strategy and electric utility development. “The additional requirements set by 2E will address concerns about the unknown amounts of acquisition and stranded costs associated with forming a local utility and help define the path the community would like us to take towards creating the electric utility of the future right here in Boulder.”
The next steps in the municipalization exploration study will focus on the negotiation and acquisition process associated with obtaining the infrastructure the city would need to operate a safe and reliable local electric utility.
All information related to Boulder’s Energy Future and the municipalization study is available atwww.BoulderEnergyFuture.com.
–CITY–
OPED: Koch brothers poisonous tentacles
Oct 9th
From the Huffington Post
by Eric Zuesse
Investigative Historian
Posted by Ron Baird
Boulder Channel 1 News editor
On October 7th, I reported in a two-part story, how the Koch brothers and their friends started in 2002 a plan to get control of the Republican Party so as to become enabled ultimately to shut down the Federal Government and maybe even drive it into default, so as to cause the American public to despise “government,” but actually to despise democracy itself; i.e., to despise this country’s democratic government, specifically.
Today, I report on the crucial role that the tobacco industry played in helping the Kochs to finance this operation, all of which was done with a profound contempt for the public, and with a deep pride for these aristocrats to rule the U.S. instead of the despised public controlling public policy through an honest and transparent Congress and Presidency.
Whereas that previous news report focused upon the Kochs’ expansion of their orbit of control to include the Heritage Foundation, from 2002 onwards, which is an operation that has not previously been covered, today’s report concerns instead the three major foundations that the Kochs themselves started and operated during this period: Americans For Prosperity, FreedomWorks, and Citizens for a Sound Economy.
The scholars, Amanda Fallin, Rachel Grana, and Stanton A. Glantz, published on 8 February 2013 in the online edition of the journal Tobacco Control, their blockbuster study,“‘To quarterback behind the scenes, third-party efforts’: the tobacco industry and the Tea Party,” and they laid out there the history of the key alliance between the tobacco companies and the Koch brothers.
This enormous study, through thousands of pages of archives, was funded by the National Cancer Institute; and it reported that, “Rather than being a purely grassroots movement that spontaneously developed in 2009, the Tea Party has developed over time, in part through decades of work by the tobacco industry and other corporate interests. … Simultaneously, they funded and worked through third-party groups, such as Citizens for a Sound Economy, the predecessor of AFP [Americans For Prosperity] and FreedomWorks,” all of which were/are Koch operations.
These researchers reported that, “In 2002, … CSE started its US Tea Party (http://www.usteaparty.com) project, the website of which stated ‘our US Tea Party is a national event, hosted continuously online and open to all Americans who feel our taxes are too high and the tax code is too complicated.'” (Amazingly, that damning webpage can still be accessed, via the web’s archive authority.)
Already, “Between 1991 and 2002 the tobacco companies, mainly Philip Morris, provided CSE with at least US$5.3 million,” and Philip Morris’s V.P. for Government Affairs justified these expenditures in a memo by saying: “They are adding this level of value. They have provided significant grassroots assistance, in the nature of several thousand calls to the Hill,” and are “very active on our behalf in the field in key states with key Members” of Congress. So: when the “spontaneous” “Tea Party” organization rose up in February 2009, to protest Obamacare, it was actually neither spontaneous, nor at all new.
America’s greatest living investigative journalist is perhaps Pam Martens, who provided a good summary of that study, and she supplemented it with an investigation of her own. In her 20 May 2013 article at her muckraking site “Wall Street on Parade,” she headlined “The Criminal Case Against the Tea Party Cabal,” and she reported also an additional Philip Morris memo (not mentioned by those three researchers), which described the role of CSE as follows: “We are funding a major (400K) grassroots initiative in the districts of House Energy & Commerce members to educate and mobilize consumers, through town hall meetings, radio and print ads, direct mail, patch-through calls to the Capitol switchboard, editorial board visits, polling data, meetings with Members and staff, and the release of studies and other educational pieces.”
They had already done this during 1994, with the Clinton Administration’s proposed healthcare reform, and they claimed there that it was “to show the Clinton plan as a government-run health care system replete with higher taxes and government spending, massive job losses, less choice, rationing of care and extensive bureaucracies. CSE is taking aim at the heart of the plan – employer mandates, new entitlements, price controls, mandatory health alliances, heavy load of new taxes and global budgets – and, with the program well underway, [it] is by all accounts getting rave reviews in the respective districts.”
Another wing of this operation to gut democratic government has been operated by Grover Norquist, who, on 25 May 2001, said on NPR’s “Morning Edition”: “I don’t want to abolish government. I simply want to reduce it to the size where I can drag it into the bathroom and drown it in the bathtub.” He was referring only to taxes, not really to spending (which many naïves interpreted him to mean).
Virtually every Republican congressional candidate thus signed Norquist’s “No New Taxes Pledge,” in order for them to be able to qualify for Norquist’s massive campaign-funding commitments from mega-corporate America. Norquist had been set up by Ronald Reagan to run Americans for Tax Reform, in order to do this, but the idea wasn’t actually new with Reagan. The far-right economist Milton Friedman had first introduced this idea, in 1978; candidate Ronald Reagan then adopted and defended it in 1980. Here’s how Reagan himself put it, during a Presidential debate, on 21 September 1980: “John tells us that, first, we’ve got to reduce spending before we can reduce taxes. Well, if you’ve got a kid that’s extravagant, you can lecture him all you want to about his extravagance. Or you can cut his allowance and achieve the same end much quicker.”
The idea of the plan is basically to strangle democracy. This is done by privatizing everything, so that the aristocracy, who already own most of the private wealth in this country, will be able to farm the public – farm the serfs with debt, as the public used to be known during the feudal era. Now, however, the aristocracy are no longer based upon their passing on to their heirs vast landed estates with serfs, but passing on to them vast international corporations with employees and consumers; so, instead of acres, they pass on shares of stock. So, instead of feudalism, it’s fascism. It is the modernized form of feudalism; it is conservative dictatorship for the world of today.
Their plan is working, brilliantly. They call it “libertarian,” but the liberty is to be only for aristocrats. For everyone else, it’s serfdom, if not outright slavery. Conservatives love hierarchy; it is morality, in their vision of things.
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New financial educator to help CU-Boulder students navigate money matters
Aug 22nd
The CU Money Sense program was created by the Bursar’s Office in 2009 to provide student financial workshops and other educational opportunities including “Money Smart Week,” according to Susie Jacobs, the program’s director.
“This year our program added a new financial educator position to provide our students with one-on-one education sessions,” Jacobs said.
Niomi Williams, the new financial educator, will offer the free one-on-one sessions in order to give CU-Boulder students — and alumni — a financial leg up in what can be a challenging chapter in many young adults’ lives.
“When I was a recent college graduate, I found myself with student loan and credit card debt and not enough income,” Williams said. “I didn’t know how to manage my finances, I was a mess. My goal in this new position is to help students steer clear of money mistakes and lay the foundation for a stable financial future.”
While all individuals’ needs will be different, Williams said students can request a one-on-one session with her to cover basic financial questions such as how to organize and budget money, a challenging task for many people. Or they can just come in to talk about other financial issues or questions they may have.
“For many students, college is the first time they have to really manage their money, everything from paying rent to understanding how much their student loan payments will be when they graduate,” she said.
Williams said she won’t be offering investment or tax advice, but she hopes she can help students excel in money management.
“Once I learned how to organize and control my finances, all the pressure and financial stress I had been feeling went away,” she said.
Students who don’t want to sit down with Williams can visit the CU Money Sense website at http://bursar.colorado.edu/cumoneysense. Students also can check out the Facebook and Twitter pages, or follow the CU Money Sense blog, all of which can be accessed on the main website. CU Money Sense also puts on several workshops throughout the school year on financial topics of interest to students, free of charge.
Upcoming CU Money Sense workshops include:
- “Money Matters Information Sessions,” Aug. 21-23, 3-4 p.m. in University Memorial Center room 247.
- “Best Money Apps and Websites for Students,” Aug. 27-28, at 3 p.m. in University Memorial Center room 353.
- “Intro to Money, Banking and Budgeting in Boulder for International Students,” Sept. 18, at noon in University Memorial Center room 425.
-CU-