While they’re at it

Part of the city’s problem with issuing the $69 million in certificates of obligation is that the debt would place the city over prior council’s mandated limit of 30 cents per hundred dollars of real estate valuation.

The $69 million would put them at 30.4 cents or so depending upon what issuing the bonds really costs.

Don’t worry

Their solution is to raise the rate to 35 cents.

In fact once they do that they figure then can issue another $200 million in debt.

This slide was part of yesterday’s presentation:

We are surprised they did not ask for 40 cents.

We deserve better

Brutus

8 Responses to While they’re at it

  1. Anonymous says:

    Aw come on people. What’s a few MILLION$$$, cents when these El Taxo politicians, Public Officials STEAL MILLIONS$$$ from US???

    Like

  2. tickedofftaxpayer says:

    And one other sad thing. According to KVIA, the reason for the pool cost overruns is that our City Manager doesn’t think regular pools are a good idea. Apparently our citizens don’t visit the rectangular pool facilities our tax dollars have previously enough (hmmm, could maintenance issues be the real problem?). Instead our City Manager (who has had experience with aquatic centers) thinks we need three aquatic centers. That is why the pools are over their budget. The bond issue was pretty specific in budget but a new City Manager can bling things up and our new City Council is willing to issue CO’s to cover that. I can hardly wait until we issue CO’s to build a Mexican-American cultural center that apparently couldn’t raise enough money from the Mexican-American community to be blinged up on their dime. Where does it all end? Anyone who votes in favor of a bond issue (think EPCC) is insane at this point. The only hope we have is to learn to say no, because it is obvious the word “no” is not in our politicians’ vocabulary (except as lies in their campaign speeches).

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  3. tickedofftaxpayer says:

    And the sad thing is that they don’t seem to understand that the increased debt is exactly what will discourage businesses that employ white collar employees in large numbers and retirees from moving here. Yes, corporations that relo to a new place do look at things like property taxes and community growth because they can’t transfer execs or hire the people they need in communities with high cost of living. Retirees do that calculation as well. Our property tax bill is like a second mortgage. In fact, it is now higher than the mortgage payment we paid on our first house at a time when interest rates were 13%. We have the climate to attract upscale retirees. They add to the economy while using very little in public resources. They drive less, don’t have kids in school and are covered by health insurance. But those retirees are smart. They look at the tax bill before they pick a retirement area. We’ve pretty much guaranteed El Paso will never make the short list.

    Liked by 1 person

  4. OLD GRINGO says:

    Ain’t it a sad thing when our City Council,City Manager and Mayor connive and cheat and lie to do an ‘end run’ around the taxpayers so they can put the city (Taxpayers) further indebt WITHOUT THE TAXPAYER’S CONSENT? In my country mind, this is nothing but STEALING!!

    Like

  5. Anonymous says:

    Not their money so why not throw it away.

    Like

  6. We feel that we are caught between a rock and a very hard place. We are too old to want to sell our home, search for another place to live, go through with a move, and so forth. Yet, even though we do enjoy (?) a senior rate on our taxes, there is no such thing for our electricity, or the natural gas that we use, or for water or sewer, or any of the other things that continue to increase in price. Likewise, the cost at the grocery store is higher and higher. One has to wonder why the elected representatives in this community never seem to live in the same world as the rest of us. When is enough, enough?

    Liked by 1 person

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