This came in from Mr. John Dungan:
Many, many years ago, about a year after I graduated from high school, a very wise man wrote these words:
This came in from Mr. John Dungan:
Many, many years ago, about a year after I graduated from high school, a very wise man wrote these words:
Back in EPISD bonds–the story changes we pointed out that EPISD officials were saying one thing to the newspaper and another to the bond advisory committee.
Using the same slide and reading the December 20, 2016 bond order we can see yet another instance where they have failed to tell the whole story.
The chart below shows their plan to issue bonds in 2017 at 3.9%.
According to the December 20, 2016 bond order “the maximum true interest cost of the Bonds shall not exceed 5.00%”.
Further, the chart shows numbers assuming a “AAA” interest rating. According to a recent article in the Times, Standard and Poors has the district at an “AA-” rating and Fitch just upgraded the district to “AA”.
The district authorized both the superintendent and the deputy superintendent of finance and operations (aka “fuzzy math lady from the city”) to sell the bonds.
If the bonds are sold with an interest rate of 4.5%, over the 25 year life we will pay $189 million in interest on the original $200 million to be sold in this issuance.
We deserve better
Brutus
Frankly I never thought that we would hear someone say what Mr. Rutt Lilly said to a KTSM camera crew the other day.
It took Reality Checker, one of our regular readers, to point it out.
The recording can be viewed here:
What I heard him say was: “These little people, they run for these offices, and they think they are very, very important.”
Good grief. I hope to see Mr. and Mrs. Lilly out in public sometime. We might discuss smallness.
Please forgive the play on words, it was too hard to resist.
We deserve better
Brutus
Well it appears that the downtown cabal has won another one.
EPISD had to submit its most recent plan to vacate the city owned facilities that EPISD uses for its central office to the city’s director of aviation.
From the plan:
It should be noted that the 2015 Implementation Plan focused on the idea that the new administration offices be in Northeast El Paso. Subsequent to the EPISD submitting the 2015 Implementation Plan, the Board of Trustees, in an effort to contribute to the revitalization of the city’s downtown, revisited this approach and examined the opportunity of relocating the administration office to downtown El Paso.
They evidently have so much of our money that to “contribute to the revitalization of the city’s downtown” is more important than locating the administrative offices to a place that makes most sense from an operating expense, efficiency, and capital cost perspective.
In other words, “children second”.
Further from the plan:
On December 20, 2016 the EPISD Board of Trustees selected a parcel in downtown El Paso to relocate the administrative office.
We deserve better
Brutus
Would it be too much to ask of city council that they show us an analysis of the cost to run the proposed arena along with reasonably projected revenue?
How much will operating and maintaining the arena add to our annual budget?
We deserve better
Brutus
You must be logged in to post a comment.