Bergen County Republican Chairman Bob Yudin today seized on an investigative report by The Record on a loan program of the Bergen County Improvement Authority’s Municipal Banc, calling on incoming state Attorney General Paula Dow to investigate.
The Record details how Rutherford, Fair Lawn and Hackensack “let a total of more than $1.6 million in loans sit idly in Commerce Bank accounts while taxpayers paid more than $200,000 in interest and fees.” At the time the loans were taken out, Freeholder David Ganz was mayor of Fairlawn and Freeholder Bernadette McPherson was mayor of Rutherford. The report also mentioned that several major Democratic donor firms worked as consultants for the BCIA, earning at least $1.8 million over a four year period.
Bergen County Republican freeholder candidates made a campaign issue out of the agency’s bonding fees during the 2008 race.
“We said it before and we will continue to say it: the BCIA is a runaway train whose primary purpose is to support the corrupt Bergen County Democratic ORganization by making quesitonable loans in order to churn out millions of dollars in feeds for major donors to the county Democratic machine,” said Yudin.