At the June 8 City Council meeting, City staff gave a financial presentation which included an assessment on how much of the 2012 Quality of Life Bond has been issued.
You will recall that there were two ballot propositions: one for $245,000,000 and one for $228,250,000, totaling $473,250,000.
On page 295 of the agenda packet we read that $344,794,364 of the $473,250,000 has been issued, with $128,455,636 remaining.
But how can that be?
On May 24, 2012, months before the bond was put to a vote, City Council earmarked $180,000,000 for the “Arena,” so how is it possible that there are only $128,455,636 remaining to be issued?
The figure was repeated by the Mayor in his recent Q & A with the Oligarchy Gazette.
Could the City have already issued tens of millions of dollars in QOL bonds to pay for a big chunk of the “Arena” and stuck it in a bank account even though litigation halted the project years ago? That would mean that the taxpayers are on the hook for a lot of bond interest!
Or has the City simply run low on bond money because of the massive cost overruns on the other projects? I thought those overruns were mostly covered by certificates of obligation (see my recent email on COs).
We’re not talking about pocket change, and the public deserves to know.
Enjoy your day.