Karla Sierra is the Grassroots Engagement Director for The LIBRE Initiative-Texas, a Hispanic group promoting constitutional principles, free-market solutions, individual liberty, and conservative policies.
She recently published an excellent opinion essay opposing the issuance of certificates of obligation by local taxing entities to fund non-emergency projects.
Of course, the worst offender among large Texas municipalities is the City of El Paso, which is managed financially like a criminal enterprise. The City’s “balanced” budget depends so heavily on massive issuances of non-voter-approved debt that it would go bankrupt without them, unless it committed to stop spending on insolvent “capital improvement projects” and corporate welfare.
Sierra has been criticized by Congresswoman Escobar and others because her organization has received funding from the conservative Koch brothers, yet LIBRE is the only local institution that is standing up strong against the issuance of hundreds of millions of dollars in non-voter-approved debt!
I would love to see our Democratic and Republican parties take a similar stand.
If it were up to me, I would eliminate COs altogether along with other debt instruments that evade voter scrutiny.
Thank you, Ms. Sierra, for having the courage of your convictions and for making our political leaders financially accountable.
Have a nice day.
Max