Money down the drain

Most of us remember the children’s hospital that was supposed to be financially self sustaining.  We only needed to give them permission to sell $120 of bonds and from then on the operation would pay for itself.  That did not turn out to be true and the children’s hospital ended up being part of the county hospital.

Back in 2008 the voters approved the sale of the bonds.  In June of 2015 we wrote in Paying on the never never that at that point we had paid almost $42 million in interest on the bonds while only reducing the principal amount about $6 million.

We have learned from a notice in the Times that the county was to hold  a public hearing on November 2, 2016.

The purpose of the hearing was to discuss the issuance of bonds used to refinance the original bonds.  According to the notice “The maximum aggregate face amount of the Bonds to be issued with respect to the refinancing of the Project is $120,000,000.”

We deserve better

Brutus

11 Responses to Money down the drain

  1. mamboman3 says:

    Isn’t this like taking out a loan to pay off a previous loan….only they’re bonds that the taxpayers ultimately have to pay for…BOTH sets of bonds. .

    Like

  2. Tickedofftaxpayer says:

    Take a look at the amount of money funding campaigns for positions with relatively small salaries. Note the Dem machine that grooms candidates for office. Anyone that thinks an honest candidate can run for office here and win is crazy. And ask yourselves, why does it make sense for the campaign funding to be this high for this level of position? The short answer is that it serves as a barrier to entry for folks who don’t want to provide donors with a return on their investment.

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  3. mamboman3 says:

    Bonds to pay for previous bonds? In a few years it will bonds to pay for previous bonds to pay for the first bonds…..and how long will this cycle go on? Sounds like Ponzi dealing to me and that’s crooked.

    Like

  4. Watching From THe Sideline says:

    There is nothing stopping a single person on this site from running for the offices that they feel are corrupt, mismanaged, etc. Don’t like the way things are? Work to change them. Run for office. I don’t think I saw too many of your names on the ballot when I voted last week.

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    • D2V says:

      Dear Watching: many of us do not want to run for office nor would we be qualified. That does not disqualify us from expecting honesty and capability from our elected officials. That is the way of democracy — holding elected officials accountable. Complaining is one way to share information that hopefully leads to change. There is no dictum that states,”You may not complain.You must, instead, run for office.”

      Liked by 1 person

    • Y Que! says:

      Watching, D2V just took you to school…

      Like

    • anon says:

      Running for office isn’t the only way to work for change. We also know for sure that a lot of people in office aren’t working for taxpayers.

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    • Sad El Pasoan says:

      It is very obvious this is a Ponzi scam. Are you saying that only new elected officials can stop corruption? How? What happened to Eddie Holguin? We have to realize our elected officials are too powerful and greedy. Stop believing in empty promises and simply Vote NO from now on.

      Like

  5. “It’s for the children………it’s for EDUCATION…….” And it never ends. Politicians, Public Officials will lie, deny, deceive, lie again just to get US to GIVE THEM more money or VOTE to allow THEM to TAKE more money from US. Does not matter if it’s County Commissioners, City Council, EPISD, any School District, the Medical Center, THEY are all the same. Hopefully the voters of El Taxo will, have seen the light and will dump this BILLION$$$ tax INCREASE on US, so that EPISD will have ANOTHER BILLION$$$$ slush fund. YOU and ME give THEM money EVERY year for BUDGETS. What happens to all that money?? If WE run out of money on our budgets, pay checks, where is the money pit to give US more?? As for UMC ? That giant money flush should be taken off the backs of taxpayers and sold to the highest bidder, PRIVATE business.

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  6. meh…….nothing to see here. Move along. Just business as usual in the Sun City and County. One would think we might have learned something by now.

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  7. ManintheMoon says:

    Brutus
    Wait a minute Vero told El Paso and the media CH wasn’t going to cost the tax payers any more money. Vero what happened?Oh your lips were moving so we should of known you were lying out your back side.Just once would like Vero and the CCC to be honest and tell the people of El Paso how much this private business interest will end up costing El Paso tax payers.

    Like

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