By spending $161.3 million.
El Paso City Council Tuesday authorized the City to borrow $161.3 million for street, park and public safety improvements.
Council’s actions will allow the City to issue $161.3 million in general obligation bonds and certificates of obligation, debt not approved by voters.
“We are being financially responsible by only issuing debt when we need it,” said City of El Paso Chief Financial Officer Robert Cortinas. “It has been almost three years since we last issued long-term debt. We are strategic in our timing and size of the issuances to minimize the impact on our tax rate and taxpayers.”
So I guess we’re going to be financially responsible and only issue new debt for the “arena” when we need an arena, right?
In a news release, the City said Council’s move allowed it to refinance existing debt and save taxpayers $2.3 million with a better interest rate.
Hey, I know how to save $161.3 million. Fire the Mayor, City Council and the City Manager, and stop the unnecessary spending.
We could save $180 million by not building that stupid arena, or at least waiting till it make sense, like until there was a reason for it, or we had experienced some of that illusive Economic Development the wheels have been promising us.
Did anyone ask what the impact of borrowing $161.3 million will be on our tax rates? Because the City borrows it, but the taxpayers pay it back.
Did anyone ask you if you could lend them some money?
“Say, bub, can you spare $161.3 million?”
Please note that those “responsible stewards of our tax dollars” have pledged $40 million over the next ten years to Great Wolf Resorts so they’ll build a water park hotel that none of us will be able to afford.
They’re either stupid or corrupt.
Or, as Tom says, “Can’t they be both?”