Tuesday, April 4, 2017

Suckers: Has the City of El Paso Run Through Its 2012 Bond Money

Suckers: Has the City of El Paso Run Through Its 2012 Bond Money?
It's Highly Likely The City Has Spent Funds Allocated for Libraries, a Cultural Center, and Museums

Updated 11:08 April 4

With the City of El Paso barely having meetings to discuss the Children’s Museum, you wonder why has it taken almost five (5) years to get off the ground? The arena, or really the "Multi-Purpose Performing Arts and Entertainment and Library Facilities” was not worded an an "arena" on the ballot.

(I should remind readers that a major lawsuit was won because the defendant were not using the Oxford Comma so check out the original wording.)

Anyway, getting back to the issue. We were also promised a Children’s Museum (remember we tore ours down to build a baseball park), and least we forget a Cultural Heritage Center. Digital Wall, yea, that went up fast.

The City was asking for $228,250,000. Let’s say that we go with our estimate that the arena will cost double what the City says it will cost, from $180 million to $360 million. But let's give the City their due, they are not that bad with money. Let’s subtract $100 million. 

That would leave us at $260 million. That basically takes all our bond money allocated for that proposition. That is all the money allocated for the "multipurpose performing arts center" and all museums, libraries, etc.

Remember our Allentown article we posted yesterday. Allentown had already spent most of the money before even the first brick was laid.

No wonder the City is asking for more money in the form of Certificates of Obligation (COO). And remember, COO’s allow the City to borrow money without voter approval

The City is saying it needs these funds for libraries, roads, and other things. Hey! Wasn’t that what the 2012 Qualify of Life Bond (QOLB) was for? Libraries!?

Well, guess where your money is going to folks?

Yes, our roads suck, but guess where all your tax money is going to?!

It is no doubt, like Allentown, El Paso has spent the majority of the bond money that was to go for libraries, a children’s museum, cultural center, etc. on the arena. They’ve spent it before the arena has it first brick laid.

Like the other QOLB that included aquatics, I’m sure you are wondering why they have not built my pool in my neighborhood? What about those improvements? Well, the City has priorities. It’s called the Westside and Downtown.

      Least we forget the Texas Comptroller of Public Accounts website lists El Paso Tax-Supported Debt at $1,046, 440,000. (1 billion, 46 million, 440 thousand dollars)? 

2.  The Texas Comptroller of Public Accounts website lists El Paso Revenue-Supported Debt at $547,055,00. (Five Hundred Forty-seven million, 55 thousand dollars)? 

      Isn't our city tight with our money?

Do you feel you were played? 

Yes, you should feel that way.
In the words of the late former El Paso Mayor Ray Salazar, "Joyce, weren't you suppose to save us money?"