"Cash-strapped mayors give the plan mixed reviews. Some, such as Woodcliff Lake's Joseph LaPaglia, are ready to take the deal, confident the state will be flexible in a repayment schedule if things don't improve by 2012. But Wayne's Chistropher Vergano, a Republican, is wary. He dubbed it an "election year gimmick.""
""It's not making the payment go away,'' Vergano said. "It's like a 30-year mortgage and turning it into a 35-year mortgage. … The debt is not going away.""
Beshear's scheme is not any more complicated than that.