A reader sent us this from the prospectus for the ballpark bonds:
The City and the Construction Manager at Risk have not yet negotiated a guaranteed maximum price for the Project. The cost of any project may vary significantly from initial expectations, and there may be a limited amount of capital resources to fund cost overruns. If cost overruns cannot be financed on a timely basis, the completion of the Project may be delayed until adequate funding is available. No assurance can be given that the costs of completing the Project will not exceed the amount of available funds or that completion of the Project will not be delayed beyond the current expected opening day.
That statement is from the group trying to sell the bonds.
Would you like to buy some?
What is the status of the bond sales? Have they been successful?
How is the construction of the ballpark being paid for now, without the bond sales? Is the money being “borrowed”? What happens if the bonds do not sell again?
“Standard&Poor’s Ratings Services originally assigned the ‘AA-‘ rating, with a stable outlook, to the series 2013A and series 2013B bonds on Feb. 13, 2013, but the ratings were withdrawn on June 6, 2013 because the bonds did not sell.”
Someone needs to ask the city.
We deserve better
Brutus
elpasospeak 
The prospectus also informs potential investors that the city plans to repay $20 million in principal in 2023. in other words the city will go out to the market in 2023, obatin new revenue bonds at current rates and payoff $20 million in principal to the original investors. That’s like having a $20 million balloon payment due in 2023. The city kinda glosses over that point in discussions with the council.
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