I find irony in the fact that the city is trying to restrict access to payday lenders while the county has become a payday borrower.
The people in charge of our county hospital have let it get into such bad shape that they need to borrow money now against next year’s property tax income.
According to the Times, things have gotten so bad over at the hospital that the hospital needs to borrow $20 million from next year’s $69 million in property tax income. That’s 30 percent of their paycheck. Try that yourself.
According to hospital management if they are not allowed to borrow the $20 million they will lose out on $45 million from the feral government. Evidently even the feds have financial standards — ones that we will not meet unless we take the payday loan.
Management wants to borrow the money now and pay it back February 28, 2015. The cost will be $75,000, two thirds of it will be interest and one third loan origination costs.
Any one of us that told our bank that we need to borrow 1/3 of our salary for five months in order to make ends meet would be told no. Not only no but let’s call your current loans since you are obviously in deep trouble and we might not get any of our money back.
It looks like our county hospital does not have to operate with a balanced budget. Evidently they are allowed to borrow money against next year’s tax income. What will happen if the city starts to use this technique? Is this a new way to mortgage our futures?
We deserve better
Brutus
elpasospeak 
Considering all the restrictions council placed on payday lenders, including not being able to locate near residential areas, it’s insane that council thinks it’s just fine for these loan sharks to be located next to bars.
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Good observation. 🙂 Pretty soon Council will have forbidden building anything near anything — but bars. And remember no smoking in or near.
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