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

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“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.”

 

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