| Gaylord's theft coverage: $50,000
GAYLORD — The city could be reimbursed up to $50,000 under an insurance policy covering dishonesty or theft by any of its employees, according to a city official. Any embezzled funds exceeding $50,000, however, are not covered by either city or Downtown Development Authority (DDA) insurance policies, say officials.DDA Executive Director Sherrie Burns Schuster, 45, resigned Oct. 23, the same day city officials in a news release announced "improprieties have been discovered in the DDA’s financial records." Schuster had been covered under the city’s insurance policy, according to City Clerk Becky Curtis.DDA board chairman Bob McNamara Sr. said Tuesday Schuster was not covered by any surety bond within the DDA. .
Alleged Agrarian Services fraud: Bail for suspects
The five suspects who had been remanded in the alleged massive fraud at the Agrarian Insurance Board and Agrarian Services were yesterday released on bail by Colombo Chief Magistrate and Additional District Judge Sarojini Kusala Weerawardena. Judge Weerawardena ordered the suspects to furnish cash bail in a sum of Rs. 25,000 each and a bond of Rs. 25 lakhs each with three sureties. One of the sureties should be a close family member of the suspect. The Judge also ordered the suspects not to interfere with any of the prosecution witnesses and not to leave the country without prior permission of the court. Earlier, the CID filing a further report in connection with their investigations told court that they had taken into custody 2918 application forms of farmers who were affected during the attack on Mavilaru anicut by the LTTE suspects.
Children's Hospital approved for $150 million in bonds
Children's Hospital of Wisconsin received approval for $150 million in tax-free financing and new bonds from the Wisconsin Health and Educational Facilities Authority to fund an expansion of the Wauwatosa pediatric hospital. The $165 million project will be financed by $100 million from the bond issue. The hospital will fund the rest of the project with cash reserves. The additional $50 million in the bond issue will be used to refinance 1998 bonds at a lower interest rate. The Brookfield-based authority, which helps educational and health care institutions gain access to low-cost private capital financing and bonds exempt from federal taxes, approved the new and refinanced bonds on Nov. 12, said Larry Nines, WHEFA executive director. The project previously was reported to cost $117 million, which was strictly the construction costs and did not include architect fees, equipment and furnishings, planning fees or insurance.
Melton defends involvement with contracted crew
Jackson Mayor Frank Melton said Thursday he initially paid the Wood Street Lawn Service and helped it obtain insurance and bonding but never sought or accepted reimbursement from the city. Melton spoke in response to the state auditor's office on Tuesday getting from City Hall documents that showed payments made to the lawn service and other issues possibly related to Melton. The mayor said he paid the lawn service until it could earn city contracts on its own. Melton said he would provide canceled checks to prove that when he returns to Jackson next week. "I think it was up to about $6,000 or $7,000 (spent) out of my own pockets to make sure they would show up (to work)," Melton said. Melton said he helped the crew get started so its members could stay away from criminal activity.
Storm damage? Check contractor
As residents and business owners continue to assess the damage from Monday's windstorm, the state is reminding people to do some checking before hiring a contractor for repair work. Steve Pierce, spokesman for the Department of Labor and Industries, said doing some background checks can protect home and business owners against contractors who take the money and run or do a poor job and won't come back to fix the problem. At www.contractors.lni.wa.gov, people can see whether a contractor is registered with L&I and whether that contractor has any current claims against his or her bond. Contractors are required to register with the state and post a bond of between $6,000 and $12,000, as well as have liability insurance. Also, treeremoval services are now required to be registered as contractors with the state.
Neumann Homes files for bankruptcy
Warrenville-based Neumann Homes Inc. filed for Chapter 11 bankruptcy protection on Thursday (Nov. 1), the biggest financial collapse in the Chicago area due to the slowdown in housing sales. Neumann, which the week before announced its intention to seek bankruptcy and closed most of its operations, estimated it owes more than $100 million collectively to up to 5,000 creditors. Its filing in U.S. District Court in Chicago also listed assets of more than $100 million. A 2006 Sun-Times ranking showed Neumann was the ninth-largest builder in the Chicago-area. The largest creditor is Residential Funding Corp, which by Neumann's reckoning is owed $75 million for a bank loan. Other significant creditors were owed for surety bonds, title insurance or legal fees. The company's chief executive, Kenneth Neumann, could not be reached for comment.
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