I am forwarding this article because the financing of the convention center was made possible by using a type of interest rate “swap”. Conventional financing would not have provided enough funding to proceed with construction.
Denlinger: Ban interest-rate ‘swaps’
Intelligencer Journal
Lancaster New Era
Nov 20, 2009
By TOM MURSE, Staff Writer
A Lancaster County lawmaker will call for a statewide ban on the use of controversial interest-rate “swaps” by school districts and local governments, which, in some cases, have cost taxpayers millions of dollars.
State Rep. Gordon Denlinger, a Narvon Republican who is one of only a few certified public accountants in the Legislature, said he plans to introduce the ban soon because of the risks the complex financial deals pose to taxpayers…
