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FOR IMMEDIATE RELEASE:   
5/16/2008  11:57:00 AM
FOR MORE INFORMATION CONTACT:
Newell Aldrich (206) 386-9011

Councilmember Nick Licata

LICATA OPPOSES MERCER STREET PROJECT BONDS
Councilmember says the $43 million in Councilmanic debt is ill-advised

SEATTLE Councilmember Nick Licata voted yesterday against a bond ordinance in the Finance and Budget Committee that would issue $43 million in councilmanic debt for the $193 million Mercer Corridor Project. Councilmember Licata said, Why issue $43 million in bonds for a project that has yet to receive the green light? This would only compound the Citys financial risk, since these bonds are legally backed up by our general fund and not a specific revenue source. If the City makes a firm decision to build this project, despite the financial risk, we could issue the bonds at that time. It doesnt make sense to sell the bonds now.

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