The County Commissioners Court is poised to vote today under agenda item 8 to post notice to issue up to $400 million in certificates of obligation, which do not require voter approval, in support of expanding UMC.
As we know, someone recorded the last meeting of the UMC Board of Managers, who voted unanimously to issue up to $400 million in CO debt. But when the item appeared on the agenda of the Commissioners Court, the figure was magically reduced to $346 million.
The Court delayed consideration until today.
Now the figure has reappeared on today’s agenda as $400 million “for the purpose of paying contractual obligations.” Really? Did the County vote to approve such “contractual obligations”? How did $346 million morph into $400 million?
If the County wants to issue debt of this magnitude, they should put up a bond proposition for the November election and ask the voters for permission! That would require only three extra months, not enough to make a major dent in the interest rate!
Please sign up to speak to this item following the instructions at the top of the agenda and demand that the County stop issuing certificates of obligation, which will take our UMC debt above the $1 billion mark!