To the Editor: Concerning ?Extend Term Limits For 2009? (editorial, Oct. 16), it would be the height of arrogance for anyone, including Mayor Bloomberg, Comptroller Thompson, Public Advocate Gotbaum, Council Speaker Quinn, Council Finance Chairperson Weprin, along with other Council members and Borough Presidents, to claim that overturning term limits is necessary because only they have the insight to run our city. With more than 8 million Big Apple residents, incumbent elected officials hardly have a monopoly on the knowledge or wisdom needed to manage City Hall. Most of the 36 term-limited City Council members and other public officials have already raised millions of dollars from the usual ?Pay for Play? crowd to run for higher public office. They should not be afforded the opportunity to use these funds under false pretenses toward a third term. Instead of continuing to use taxpayer funding for member-item, pork-barrel projects to their favorite community groups, the morally correct position would be to donate these campaign funds to charity. This would provide an even playing field for almost 200 New York City residents who have already stepped forward and begun fundraising in anticipation of running for open seats in 2009. Larry Penner Great Neck, New York Letters have been edited for clarity, style and brevity.