They are looking to take on more debt than the voters have authorized.
The Metropolitan Transit Authority intends to issue an estimated $2.6 billion in bonds in the next four years to help pay for five new light rail lines, about four times the debt capacity voters authorized in a 2003 referendum, Metro officials confirmed Tuesday.Metro leaders insist the borrowing will not exceed the $640 million debt ceiling set by voters because the agency is allowed other borrowing capacity by state law, and much of the bonds will be paid with money from ridership fares.
So let me gat this straight – borrowing more than the authorized amount is not borrowing more than the authorized amount? And how can we premise repayment of these bonds on fares from riders? After all, Mayor Parker is talking about making Metro into a free ride.
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I wrote on the same topic today; part of what I said, "There’s a difference between mild exaggeration and an out right lie. Voters are seeing the same level of respect, or more accurately, lack of respect at nearly every level of government, all the way to Washington."
They only will be spending 4 times what the voters authorized and Metro's CEO is saying, No big deal, we can spend any amount we want without even asking you (the voters). Arrogance at its worst!
|| Posted by T F Stern, March 10, 2010 06:11 PM ||Post a comment