Back in 2013 we were told that our debt costs relating to the ball park were going to be $17 million more than the numbers we had when the election was held.
The reason? Bond buyers thought our deal was too risky and they wanted more money in return for their risk.
Well as it turns out the real number was $27.5 million.
According to the Times the Downtown Development Corporation (city council in sheep’s clothing) was never told about the extra $10.5 million.
How convenient. Those bad former city employees did this to us. Never mind council’s responsibility to see to it that our money is managed well.
Now we are being told that general fund money will be necessary until 2023.
That isn’t the half of it. The city’s chart printed below shows that we are not even going to make principal payments until 2023. Then we will have to make a $17.6 million dollar payment against the principal. Where will that money come from? If they take it from the general fund they will be using property tax money and Texas law does not allow that. Will some future council have to levy some new fee? Will there be a bond election to issue debt to pay debt?
Will the perpetrators ever be punished?
We deserve better
Brutus
Posted by Brutus 
elpasospeak 
You must be logged in to post a comment.