Today our City Council voted 6-2 under agenda item 3 to publicize its intent to issue another $96 million in certificates of obligation without voter approval, with Reps. Molinar and Rodriguez dissenting.
That is $389 million in new debt authorized since 2019 without voter approval!
Thus, our outstanding CO debt will stand at $737,960,000, which is more than the CO debt of San Antonio, Austin, Dallas and Houston combined!
It was truly embarrassing to watch our City reps justify this new debt issuance today. The City’s grotesque media release that followed is hard to read without getting an ulcer.
Let us be clear. This new debt is for stuff that is supposed to be paid for with general revenue and/or general obligation bonds; and if the expenditure is so essential, then our City should have the courage to put it on a ballot, as they did for their bloated Public Safety Bond.
While certain reps whine about the need to issue CO debt to pave our streets and see to basic infrastructure, they continue to support corrupt TIRZes, insolvent streetcars, dozens of 380 agreements, Ballpark subsidies, a multipurpose basketball arena, four waterparks, and I could go on and on. They think we are absolutely stupid.
The media have a sacred responsibility to inform the voting public about the financial malfeasance of our City leaders. These massive debt issuances have slipped past most of our local news editors without a peep. This would not happen in other major cities and it is becoming a huge problem.
We deserve better!