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Certificates of Participation (The Public is NOT allowed to participate!)

“Certificates of Participation”. These are loans that the public does NOT get to vote on.  Unlike bonds, only the Assembly has to approve COPs. These are a fairly new financial instruments. The MSB owes $20 million for these type of loans.

And the MSB is considering borrowing more money via COPs.

Cert of Part

These type of financial instruments are controversial:

COPs and Robbers: Certificates of Participation Replace Bond Referendums

From the above article:

“COPs void the public’s right to participate in the decision-making process regarding questions of public debt. Taxation without representation always weakens the democratic process.”