Letter about Fraser Rec District bond insurance was misleading | SkyHiNews.com
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Letter about Fraser Rec District bond insurance was misleading

To the Editor:

Richard Bryant’s misleading and alarmist letter to the editor of Oct. 16 deserves a response.

He refers to statements made by me, the treasurer of the Fraser Valley Metropolitan Recreation District Board, during the last board meeting. At that meeting I informed the board and members of the audience that due to the financial crisis deposit insurance on bond money in a local bank would no longer be available after Jan. 1, 2009.



I informed the board that we were being proactive to protect the money ahead of time by finding other financial accounts or methods to make sure the money is protected. I said the bank was aware of the issue and is working to find the right sorts of accounts to make sure the money is protected.

I said then and will say it again: The money is insured and will be insured. That’s a promise also made by the bank.



So what really is happening here directly contradicts what Bryant contends in his misinformed attack on the board. The board showed attention to detail, skilled negotiations with its bankers and excellent foresight in resolving the problem in early October rather than Dec. 31.

I know people are trying to recall the board, but the attempts to attack the board should be truthful and honest.

John Kacik

Treasurer, Fraser Valley Metropolitan Recreation District

Board of Directors


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