With Tuesday’s 6-2 vote to publish the City’s intention to issue another $96 million in certificates of obligation without voter approval, Reps. Svarzbein, Hernandez, and Rivera have achieved the impossible.
They are the first politicians in the history of Texas to authorize more than $500,000,000 worth of CO debt, and they achieved this impressive milestone without going to the voters to ask for permission.
While Richard Branson is launching himself to the edge of space, there is a group of politicians in El Paso who can brag about their own astronomical triumph!
Anthony Jackson of the El Paso Times, who holds the title “Watchdog Reporter,” has noted that El Paso has accumulated more outstanding CO debt per capita then the five largest cities in Texas combined, but our elected officials deserve most of the credit.
On Friday, Reps. Svarzbein and Hernandez responded to the public outcry over the latest proposed CO issuance ($96 million) with an opinion essay, also published in the El Paso Times. Far from expressing even the faintest hint of compunction, they call this act of financial malfeasance a “responsible fiscal recommendation” because it “sets aside money for core priorities and allows for the continuation of capital projects while NOT increasing the tax rate,” as if this massive debt issuance, which comes on the heels of another $293 million in COs since 2019, won’t pressure our tax rate in the next fiscal year and as if their deficit spending were not a problem of their own making. Should we be impressed that the City is holding its absurdly high property tax rate at $0.91 cents while property valuations increase by double digits? Just ask any homeowner.
Reps. Molinar and Rodriguez have refused to authorize new COs at all, and they have no reason to defend their votes because they know they have the support of the people.
Recently I shared with you how our City reps have voted on COs since they were first elected, but I have updated the figures below for the sake of accuracy.
Enjoy your Sunday.
Max
Svarzbein, District 1, authorized 504,800,000 in COs
7/25/17 Allow COs for QOL bond projects, up to $100M per issuance. YES
8/7/17 Borrow $41.05M in COs for public safety and infrastructure. YES
8/7/17 Borrow $4.8M for the Paseo de la Luces. YES
8/7/17 Borrow $22.9M in COs for QOL bond projects. YES
8/22/17 Authorize increasing City property tax $0.05 because of CO debt. YES
12/19/17 Borrow $15.5M for East Sports Complex. YES
7/23/18 Borrow $20.8M in COs to increase funding for Children’s Museum. YES
8/23/18 Borrow $10,750,000 in COs to increase funding for Cultural Ctr. YES
1/8/19 Authorize issuing $100M in COs, Series 2019. YES
1/7/20 Authorize issuing $100M in COs, Series 2020. YES
4/13/21 Authorize issuing $93M in COs, Series 2021A and 2021B. YES
7/6/21 Authorize publishing City’s intent to issue $96M in COs. YES
Annello, District 2, authorized $489,250,000 in COs
7/25/17 Allow COs for QOL bond projects, up to $100M per issuance. YES
8/7/17 Borrow $41.05M in COs for public safety and infrastructure. YES
8/7/17 Borrow $4.8M for the Paseo de la Luces. NO
8/7/17 Borrow $22.9M in COs for QOL bond projects. YES
8/22/17 Authorize increasing City property tax $0.05 because of CO debt. YES
12/19/17 Borrow $15.5M for East Sports Complex. YES
7/23/18 Borrow $20.8M in COs to increase funding for Children’s Museum. YES
8/23/18 Borrow $10,750,000 in COs to increase funding for Cultural Ctr. NO
1/8/19 Authorize issuing $100M in COs, Series 2019. YES
1/7/20 Authorize issuing $100M in COs, Series 2020. YES
4/13/21 Authorize issuing $93M in COs, Series 2021A and 2021B. YES
7/6/21 Authorize publishing City’s intent to issue $96M in COs. YES
Hernandez, District 3, authorized $504,800,000 in COs
7/25/17 Allow COs for QOL bond projects, up to $100M per issuance. YES
8/7/17 Borrow $41.05M in COs for public safety and infrastructure. YES
8/7/17 Borrow $4.8M for the Paseo de la Luces. YES
8/7/17 Borrow $22.9M in COs for QOL bond projects. YES
8/22/17 Authorize increasing City property tax $0.05 because of CO debt. YES
12/19/17 Borrow $15.5M for East Sports Complex. YES
7/23/18 Borrow $20.8M in COs to increase funding for Children’s Museum. YES
8/23/18 Borrow $10,750,000 in COs to increase funding for Cultural Ctr. YES
1/8/19 Authorize issuing $100M in COs, Series 2019. YES
1/7/20 Authorize issuing $100M in COs, Series 2020. YES
4/13/21 Authorize issuing $93M in COs, Series 2021A and 2021B. YES
7/6/21 Authorize publishing City’s intent to issue $96M in COs. YES
Molinar, District 4, $0
4/13/21 Authorize issuing $93M in COs, Series 2021A and 2021B. NO
7/6/21 Authorize publishing City’s intent to issue $96M in COs. NO
Salcido, District 5, authorized $389,000,000 in COs
1/8/19 Authorize issuing $100M in COs, Series 2019. YES
1/7/20 Authorize issuing $100M in COs, Series 2020. YES
4/13/21 Authorize issuing $93M in COs, Series 2021A and 2021B. YES
7/6/21 Authorize publishing City’s intent to issue $96M in COs. YES
Rodriguez, District 6, $0
4/13/21 Authorize issuing $93M in COs, Series 2021A and 2021B NO
7/6/21 Authorize publishing City’s intent to issue $96M in COs. NO
Rivera, District 7, authorized $504,800,000 in COs
7/25/17 Allow COs for QOL bond projects, up to $100M per issuance. YES
8/7/17 Borrow $41.05M in COs for public safety and infrastructure. YES
8/7/17 Borrow $4.8M for the Paseo de la Luces. YES
8/7/17 Borrow $22.9M in COs for QOL bond projects. YES
8/22/17 Authorize increasing City property tax $0.05 because of CO debt. YES
12/19/17 Borrow $15.5M for East Sports Complex. YES
7/23/18 Borrow $20.8M in COs to increase funding for Children’s Museum. YES
8/23/18 Borrow $10,750,000 in COs to increase funding for Cultural Ctr. YES
1/8/19 Authorize issuing $100M in COs, Series 2019. YES
1/7/20 Authorize issuing $100M in COs, Series 2020. YES
4/13/21 Authorize issuing $93M in COs, Series 2021A and 2021B. YES
7/6/21 Authorize publishing City’s intent to issue $96M in COs. YES
Lizarraga, District 8, authorized $389,300,000 in COs
7/25/17 Allow COs for QOL bond projects, up to $100M per issuance. YES
8/7/17 Borrow $41.05M in COs for public safety and infrastructure. YES
8/7/17 Borrow $4.8M for the Paseo de la Luces. YES
8/7/17 Borrow $22.9M in COs for QOL bond projects. YES
8/22/17 Authorize increasing City property tax $0.05 because of CO debt. YES
12/19/17 Borrow $15.5M for East Sports Complex. ABSENT
7/23/18 Borrow $20.8M in COs to increase funding for Children’s Museum. YES
8/23/18 Borrow $10,750,000 in COs to increase funding for Cultural Ctr. YES
1/8/19 Authorize issuing $100M in COs, Series 2019. ABSENT
1/7/20 Authorize issuing $100M in COs, Series 2020. YES
4/13/21 Authorize issuing $93M in COs, Series 2021A and 2021B. YES
7/6/21 Authorize publishing City’s intent to issue $96M in COs. YES