Way back on November 12, 2019 city staff presented this slide in support of their request for $100 million in certificates of obligation:
Notice that staff assured us that the “Issuance will comply with debt management policy’s maximum debt rate of 35 cents per $100 valuation”.
Well the slide is misleading in at least two ways.
The title implies that the $100 million is what city staff will ask for in 2020.
We now know that they are asking for another $46 million.
Will that keep us under the 35 cent maximum?
Well it looks like they have a problem.
They are forecasting their need to be up to 39.5 cents in 2026.
No problem, really
Their solution is to propose raising the rate to 40 cents per hundred at the Tuesday, December 10, 2019 city council meeting.
Is this incompetence or is it outright lying?
We deserve better