Will the rec bond be insurable after Jan. 1? | SkyHiNews.com

Will the rec bond be insurable after Jan. 1?

Something important was missed in a recent article concerning a Fraser Valley Metropolitan Recreation District board meeting. Board member John Kacik discussed the fact that the bond’s current insurance company would no longer be carrying the policy insuring the bonds as of Jan. 1. I would assume that it is due to the current economic troubles on Wall Street.

How difficult will it be to get these bonds reinsured and how much higher will that premium be? Considering that there are some serious questions about the bond’s status, will they be able to get insured at all? Could this possibly be yet another problem facing this board? Could this be the setback that actually does halt construction on this project?

It seems to me that this board has once again shown negligence, ineptitude, and total lack of foresight in their handling of the taxpayers’ dollars.

Richard Bryant


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