Here's one of the most interesting questions that you may be posed
with today. While reading 'Nothing Down for the 90s' by Robert G.
Allen a portion of the book briefly spoke of a client of Allen's that
found a ghost town here within the US, petitioned the state government
to be the mayor of the town, and proceeded to fix it up. How would one
go about the process of petitioning a state government to be a mayor
of a town with few/no inhabitents?

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Clarification of Question by roberttwt-ga on 20 Aug 2003 07:18 PDT

interesting, aside from the economic aspect, how would one still run
for mayor of a town with little to no population?

Dear roberttwt-ga: 

Thank you for allowing me to anwswer your interesting question. As per
your clarification I am happy to post my findings as an answer. I look
forward to working with you again in the near future:
=====================================================================
 
While it makes for an interesting story, it's possible that we all may
have been duped. In "JOHN T. REED’S VIEWS OF VARIOUS
REAL-ESTATE-INVESTMENT GURUS" the story related by Allen is
specifically addressed and subsequently debunked as ridiculous,
leading me, at least, to believe there may be no truth in it.
 
"I am a Harvard MBA. Many of my fellow Harvard MBAs are in the
municipal-finance business. The notion that they would underwrite and
successfully sell out a multi-million-dollar bond issue on a ghost
town and deliver the proceeds to the sole inhabitant and “mayor” who
owns no property there is silly. All bonds and prospective bonds must
be rated according to their risk. The rating agencies, like Moodys and
Standard & Poors, would visit the town and ask to see its financial
books. It wouldn’t even get that far. The prospective underwriters
would ask about the town’s population, annual tax revenues, operating
expenses---then they would hang up."
 
Please follow this link to read his other comments on the matter: 
http://www.johntreed.com/Reedgururating.html 
 
Please let me know if this answers your question. 
 
Regards; 
tutuzdad-ga


INFORMATION SOURCES

JOHN T. REED’S VIEWS OF VARIOUS REAL-ESTATE-INVESTMENT GURUS
http://www.johntreed.com/Reedgururating.html 

SEARCH STRATEGY

MAYOR "GHOST TOWN"

MAYOR "SOLE INHABITANT"

"ROBERT G ALLEN" MAYOR 

"ROBERT G ALLEN" MAYOR "GHOST TOWN"

Top-Notch work as always, Tutuz is very much on top of his game!

Dear roberttwt-ga:

While it makes for an interesting story, it's possible that we all may
have been duped. In "JOHN T. REED’S VIEWS OF VARIOUS
REAL-ESTATE-INVESTMENT GURUS" the story related by Allen is
specifically addressed and subsequently debunked as ridiculous,
leading me, at least, to believe there may be no truth in it.

"I am a Harvard MBA. Many of my fellow Harvard MBAs are in the
municipal-finance business. The notion that they would underwrite and
successfully sell out a multi-million-dollar bond issue on a ghost
town and deliver the proceeds to the sole inhabitant and “mayor” who
owns no property there is silly. All bonds and prospective bonds must
be rated according to their risk. The rating agencies, like Moodys and
Standard & Poors, would visit the town and ask to see its financial
books. It wouldn’t even get that far. The prospective underwriters
would ask about the town’s population, annual tax revenues, operating
expenses---then they would hang up."

Please follow this link to read his other comments on the matter:
http://www.johntreed.com/Reedgururating.html

Please let me know if this answers your question.

Regards;
tutuzdad-ga

One CAN'T. That's the kicker. An incorporated town requires a quorum
to vote and there is no such thing as a quorum of one. A minimum of
three would be required in order to establish a majority opinion.
Theoretically the guy would have faired better had he proclaimed
himself King and his ghost town a soveriegn nation. While it wouldn't
have been legally binding in the eyes of the US government, at least a
monarch CAN pass rule alone without a quorum.

Again, if this answers your question I'd be happy to close this
question for you.

Regards;
tutuzdad-ga

lol, sure, you can close it, thank you for your knowledge.