Here’s one thing that can help protect local banks
Editor’s note: Gary L. Wilson is a former Burnham resident now living in Harrisburg, who plans to move to the Reedsville area in the near future.
To the editor:
One of the issues surrounding the wind farm project is the total lack of “teeth” in the legislation and discussion on what happens when the project goes wrong. What happens if the economics change and the developer disappears – after having garnered all the tax credits, fees and financial incentives? The locals are stuck holding the bag.
One thing that will keep them honest is that, if they are successful in getting all the approvals and permits and leases, is that each wind turbine should have a $500,000 non-interest bearing cash deposit posted with a local bank. Said deposit shall be tied to the terms of the lease and will not be released until and only after the wind turbines are removed.
A letter of credit or a bond is an invitation to a screw up by either mismanagement, malfeasance or fraud. The cash deposit will bolster the bank’s regulatory capital position and the local banks can all benefit by this.
Gary L. Wilson