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| The Goddess of the Woodshed enjoying the magical investigative petals of the SEC. |
It was the jurisdiction of the U.S. Securities and Exchange Commission.
SEC probes Miami Gardens’ $60-million bond issue; Were bond funds diverted?
The U.S. Securities and Exchange Commission is investigating Miami Gardens to determine whether city officials violated federal laws in connection with its $60-million general obligation bond issue approved by voters in 2014.I was so excited because I remembered another city that issued bonds then diverted them.
Detroit!
Since SEC investigations are under seal, and I cannot verify if there is a current investigaiton, so I thought it wise to put it out there that Detroit qualifies to open an SEC investigation for improper use of bonds, just like they did in Miami Gardens.
The bonds were supposed to be for the students of Detroit Public Schools, but instead, City Council voted to shift the funding for the Little Ceasar's Sports Arena.
The Detroit Downtown Development Authority claims it owns the land, but it is not incorporated, just like the Detroit Land Bank Authority is not incorporated, which means it uses an NGO to launder its money, or rather it filed false information to federal financial authorities, just like the Detroit Land Bank Authority did.
How can you own land if you have no instruments of legal authority?
This fake corporations called the Detroit Downtown Development Authority also has the magical powers to levy school property taxes.
Then it dawned on me.
There is no such thing as the Detroit Downtown Development Authority because it is the Detroit Land Bank Authority using it as a strawman.
So, the question for the SEC is: "Where are the taxes?"
If these fake authorities are not incorporated, that means, if they collect taxes, to whom does the taxpayer make the check out to?
Wayne Country Treasurer?
City of Detroit?
And, to who does the Wayne County Treasurer and the City of Detroit make the check out to, since the Detroit Land Bank Authority is not incorporated and has no bank account.
So, I take it the Detroit Brownfield Redevelopment Authority is another front for the Detroit Land Bank Authority, as it is not incorporated, yet, according to the article, below, possesses the authority to enter into contracts and negotiate tax incentives with a private corporation, of the Pistons.
I bet they used the same team of "Legal Geniuses" (trademark pending) over at Perkins Coie.
The case was dismissed.
I bet the SEC already has the Detroit Land Bank Authority under investigation, along with all its foreign practice partners, like the Clinton Foundation, et al.
See, are not the components of the SEC just pretty petals of flowers?
I bet the SEC is investigating the Detroit Land Bank Authority, now.
I bet the SEC is investigating the "Legal Genuises" (trademark pending) over at Perkins Coie, too.
Lawsuit: Voters should decide if Little Caesars Arena gets public funding
A lawsuit filed today in federal court seeks to block public funding of Little Caesars Arena and a new Pistons headquarters without a vote of Detroit residents.
The lawsuit claims state law prohibits spending school property tax revenues on the economic development projects as planned because the schools millage voters approved in 2012 was to be used exclusively for Detroit Public Schools' operating expenses.
The Detroit Downtown Development Authority, the public entity that owns the arena and is responsible for its public funding, is expected to collect $726 million in school property tax revenues through 2051. The money will be used to pay off $363 million in public investments in the $862-million arena and the surrounding development district.
If the lawsuit is successful, it could threaten a significant pot of public money vital to construction of Little Caesars Arena and the new Pistons headquarters in New Center.
Government transparency advocate Robert Davis and D. Etta Wilcoxon, who is running for Detroit City Clerk, filed the lawsuit today in U.S. District Court.
They claim their constitutional right to vote has been violated because they should be able to vote against spending tax money on the arena and Pistons headquarters.
"The officials at the DDA and the Brownfield Authority should not have proceeded with these projects until they received all the necessary approvals that were required under the appropriate statutes," Davis said. "How all of those high-priced lawyers missed that, I don't know."
The lawsuit also names as a defendant the Detroit Brownfield Redevelopment Authority, which is involved in a tax-incentive plan that would provide the Pistons with about $20 million in publicly funded reimbursements for its $83-million practice facility and corporate headquarters. The tax-incentive plan still must be approved by the Detroit City Council.
Of the $20 million in proposed reimbursements to the Pistons, $7.9 million would come from the schools' operating fund, according to a report prepared for the Detroit City Council.
Bob Rossbach, a spokesman for the DDA, said he was not yet aware of the lawsuit.
“Obviously we will review its claims and will respond accordingly," Rossbach said, declining to comment further. According to the lawsuit, the state's general property tax act requires voter approval to spend money differently than voters originally approved.
The arena is expected to open in September. Work on the Pistons' facility could start this summer.
Since Little Caesars Arena was announced, the DDA has taken the position that the project does not negatively impact local schools because ultimately they do not lose any operating revenue. Rossbach did not provide any further explanation to that rationale today when asked in an e-mail.
Detroit Public Schools now essentially exists to collect taxes and pay down debt. The debt-ridden district has been replaced by the Detroit Public Schools Community District. Instead of the arena and Pistons practice facility, Davis said, the school taxes should go toward paying down the debt sooner.
The lawsuit also cites another section of the state's revised school code that says voters must have a say whenever tax money is used for any purpose other than that for which it was originally raised.
Davis shrugged off concerns the lawsuit could hinder the projects, pointing out that the Red Wings and Pistons are owned by billionaires.
Both thy bondmen, and thy bondmaids, which thou shalt have, shall be of the heathen that are round about you; of them shall ye buy bondmen and bondmaids. Moreover of the children of the strangers that do sojourn among you, of them shall ye buy, and of their families that are with you, which they begat in your land: and they shall be your possession. And ye shall take them as an inheritance for your children after you, to inherit them for a possession; they shall be your bondmen for ever. Leviticus 25:44-46.
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