AZ looking at special taxing districts for certain HOAs � HOA Constitutional Government
From George Starapoli's blog--he calls our attention to a bill that would prohibit land use approval bodies from mandating the creation HOAs, unless certain improvements are involved in the subdivision (such as a golf course, a lake, etc.). The alternative is to create a special improvement district.
Saturday, January 26, 2013
Illinois bond rating sinks to worst in the nation - Chicago Sun-Times
Illinois bond rating sinks to worst in the nation - Chicago Sun-Times:
"Citing inaction on pensions, a prominent Wall Street bond-rating agency downgraded Illinois’ bond rating Friday, making the state the nation’s worst credit risk."
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I love this use of the word "inaction." What inaction? Standard & Poors and the rest of the financial elite think the state legislature should have violated the state constitution by cutting state employee pensions. But the real inaction occurred over the last 40 years or so. State employees (like me) put 8% of their gross pay into the pension fund. It gets taken right off the top before we get our paychecks. The state is supposed to contribute 9.6%, but for the last four decades the state legislature has consistently and intentionally refused to do that, even though it is in fact a modest contribution when compared with other pension plans. But, in any event, it is the deal they made, and they make us comply with it while refusing to pay their share. Instead, the state has in essence been borrowing from the state employees pension fund to pay its bills, giving itself one "pension holiday" after another.
We, the employees, have lost not only the principal of those contributions, but all the investment income we would have realized during that time when the stock market was booming. Now the pension fund is seriously underfunded. It is a defined benefit plan, meaning that ultimately the state owes us a certain benefit payment, so the state might someday find itself having to dig very deep to pay us, which would wreak havoc with the rest of the state budget.
So, what is the solution to this problem? New employees are already getting a reduced pension plan, which is fine because that's what they agreed to when they were hired. But what about currently retired people, and those of us who were hired long ago and haven't retired? We are the target. According to the investment class and their party, the Republicans, and their newspaper, the Chicago Tribune, the way forward is for the state legislature to cut our pension benefits. There are several ideas, but all of them come down to cutting the payments that are mandated by the contract. It is an indication of just how morally bankrupt the financial sector has become that the shocking injustice of such a proposal is utterly irrelevant to them. Moreover, it is unconstitutional. The Illinois constitution provides as follows, at Article 13, Section 5:
"SECTION 5. PENSION AND RETIREMENT RIGHTS
Membership in any pension or retirement system of the
State, any unit of local government or school district, or
any agency or instrumentality thereof, shall be an
enforceable contractual relationship, the benefits of which
shall not be diminished or impaired."
Any literate human can see that this provision precludes the elite-sponsored effort to cut our pensions in order to solve the problem the state created by welching on its obligations to us for the last four decades. But, having ignored the immorality of their position, ignoring its illegality is child's play. The advocates of "pension reform," as they call it ("pension theft" would be the accurate term) think they should pass the law and let public employee unions challenge it in court, where the advocates think maybe the Illinois Supreme Court can be persuaded to ignore the state constitution and go along with it. Basically, it is the legally and morally vapid argument of a hostage taker: the state legislature has created a financial crisis that threatens to wreck the state financially, and the only way out, they say, is to screw the employees--the only party to the contract that has always honored it. The state wants to cheat the employees out of billions of dollars, on the grounds that they have been cheating us for so long that now there is no other course open except to cheat us again. The "inaction" of the previous legislative session means only that the issue is carried forward.
As for the rating agencies, where were they all these years when the state was setting up this situation by underfunding the pension funds? Where was the ratings downgrade thirty years ago in response to "pension holidays," when forcing the state legislature to act responsibly would have prevented the current crisis? Oh, wait, I remember. S&P and the others were enthusiastically giving AAA ratings to residential mortgage backed securities that eventually cratered and wrecked the world's economy, contributing further to the budget crisis that faces states like Illinois.
"Citing inaction on pensions, a prominent Wall Street bond-rating agency downgraded Illinois’ bond rating Friday, making the state the nation’s worst credit risk."
--------------
I love this use of the word "inaction." What inaction? Standard & Poors and the rest of the financial elite think the state legislature should have violated the state constitution by cutting state employee pensions. But the real inaction occurred over the last 40 years or so. State employees (like me) put 8% of their gross pay into the pension fund. It gets taken right off the top before we get our paychecks. The state is supposed to contribute 9.6%, but for the last four decades the state legislature has consistently and intentionally refused to do that, even though it is in fact a modest contribution when compared with other pension plans. But, in any event, it is the deal they made, and they make us comply with it while refusing to pay their share. Instead, the state has in essence been borrowing from the state employees pension fund to pay its bills, giving itself one "pension holiday" after another.
We, the employees, have lost not only the principal of those contributions, but all the investment income we would have realized during that time when the stock market was booming. Now the pension fund is seriously underfunded. It is a defined benefit plan, meaning that ultimately the state owes us a certain benefit payment, so the state might someday find itself having to dig very deep to pay us, which would wreak havoc with the rest of the state budget.
So, what is the solution to this problem? New employees are already getting a reduced pension plan, which is fine because that's what they agreed to when they were hired. But what about currently retired people, and those of us who were hired long ago and haven't retired? We are the target. According to the investment class and their party, the Republicans, and their newspaper, the Chicago Tribune, the way forward is for the state legislature to cut our pension benefits. There are several ideas, but all of them come down to cutting the payments that are mandated by the contract. It is an indication of just how morally bankrupt the financial sector has become that the shocking injustice of such a proposal is utterly irrelevant to them. Moreover, it is unconstitutional. The Illinois constitution provides as follows, at Article 13, Section 5:
"SECTION 5. PENSION AND RETIREMENT RIGHTS
Membership in any pension or retirement system of the
State, any unit of local government or school district, or
any agency or instrumentality thereof, shall be an
enforceable contractual relationship, the benefits of which
shall not be diminished or impaired."
Any literate human can see that this provision precludes the elite-sponsored effort to cut our pensions in order to solve the problem the state created by welching on its obligations to us for the last four decades. But, having ignored the immorality of their position, ignoring its illegality is child's play. The advocates of "pension reform," as they call it ("pension theft" would be the accurate term) think they should pass the law and let public employee unions challenge it in court, where the advocates think maybe the Illinois Supreme Court can be persuaded to ignore the state constitution and go along with it. Basically, it is the legally and morally vapid argument of a hostage taker: the state legislature has created a financial crisis that threatens to wreck the state financially, and the only way out, they say, is to screw the employees--the only party to the contract that has always honored it. The state wants to cheat the employees out of billions of dollars, on the grounds that they have been cheating us for so long that now there is no other course open except to cheat us again. The "inaction" of the previous legislative session means only that the issue is carried forward.
As for the rating agencies, where were they all these years when the state was setting up this situation by underfunding the pension funds? Where was the ratings downgrade thirty years ago in response to "pension holidays," when forcing the state legislature to act responsibly would have prevented the current crisis? Oh, wait, I remember. S&P and the others were enthusiastically giving AAA ratings to residential mortgage backed securities that eventually cratered and wrecked the world's economy, contributing further to the budget crisis that faces states like Illinois.
Thursday, January 24, 2013
Backboard seizures put residents on defense | county, hoops, public - News - The Orange County Register
Backboard seizures put residents on defense | county, hoops, public - News - The Orange County Register: In early January, the county responded to complaints in the Wagon Wheel and Las Flores HOA communities, according to Jessica O'Hare with Public Works. They found eight hoops on county right of way and issued notices, with one hoop targeted for impound soon.
However, O'Hare said most of the county's backboard complaints come from Ladera Ranch, leading to sweeps there about once a year.
"Portable basketball backboards have always been an issue in Ladera Ranch," said Jett McCormick, chairman of the Ladera Ranch Civic Council.
The community's HOA rules prohibit backboards from being left on the street when not in use, McCormick said. But the association doesn't have jurisdiction over public streets, leaving enforcement to the county.
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Apparently jurisdictional matters aren't an issue in Arizona, where George Staropoli has reported on state legislation barring HOAs from asserting parking jurisdiction over public rights of way. Which strikes me as nonsensical since Privatopia by definition is a creature of private and not public jurisdiction.
However, O'Hare said most of the county's backboard complaints come from Ladera Ranch, leading to sweeps there about once a year.
"Portable basketball backboards have always been an issue in Ladera Ranch," said Jett McCormick, chairman of the Ladera Ranch Civic Council.
The community's HOA rules prohibit backboards from being left on the street when not in use, McCormick said. But the association doesn't have jurisdiction over public streets, leaving enforcement to the county.
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Apparently jurisdictional matters aren't an issue in Arizona, where George Staropoli has reported on state legislation barring HOAs from asserting parking jurisdiction over public rights of way. Which strikes me as nonsensical since Privatopia by definition is a creature of private and not public jurisdiction.
Wednesday, January 23, 2013
‘Nuclear Holocaust’ & ‘Sh!tBag’ Among Clever Names Morgan Stanley Bankers Gave To Toxic Mortgage-Backed Security – The Consumerist
‘Nuclear Holocaust’ & ‘Sh!tBag’ Among Clever Names Morgan Stanley Bankers Gave To Toxic Mortgage-Backed Security – The Consumerist
And they aren't even going to prison. Thanks to Mystery Reader for this link.
And they aren't even going to prison. Thanks to Mystery Reader for this link.
In Carrboro, working-class condo owners must pay $5,400 fee—in three weeks | Orange County | Indy Week
In Carrboro, working-class condo owners must pay $5,400 fee—in three weeks | Orange County | Indy Week: The fees are intended to generate nearly $1.8 million in funds to repair the long-crumbling apartment complex. Many tenants say previous ownership, which sold the property last summer, neglected to maintain it, leaving behind shabby apartments and dangerous walkways.
A 10-year-old boy tumbled through a deteriorated stairway at the complex on Nov. 24, three days after Collins Crossing owners notified condo owners of their plan to impose assessment fees.
Carrboro officials gave owners 90 days to make repairs. In the meantime, condo owners have to find the cash within three weeks. It's unclear what penalty tenants will face if they don't pay, although Carrboro Mayor Mark Chilton says management could impose a lien on the condos. Some residents fear foreclosure.
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Looks like this condo complex has fallen into Tyler Berding's Phase 3 death spiral to the point it resembles an apartment complex with a landlord more than a condo HOA.
A 10-year-old boy tumbled through a deteriorated stairway at the complex on Nov. 24, three days after Collins Crossing owners notified condo owners of their plan to impose assessment fees.
Carrboro officials gave owners 90 days to make repairs. In the meantime, condo owners have to find the cash within three weeks. It's unclear what penalty tenants will face if they don't pay, although Carrboro Mayor Mark Chilton says management could impose a lien on the condos. Some residents fear foreclosure.
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Looks like this condo complex has fallen into Tyler Berding's Phase 3 death spiral to the point it resembles an apartment complex with a landlord more than a condo HOA.
Tuesday, January 22, 2013
Would you want to live on a housing estate like this? New Chinese 'villas' look more like concrete slums | Mail Online
Would you want to live on a housing estate like this? New Chinese 'villas' look more like concrete slums | Mail Online
Well...no. But it is the logical extension of some of the more unfortunate trends in real estate development that we can see close to home.
Well...no. But it is the logical extension of some of the more unfortunate trends in real estate development that we can see close to home.
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