After Months of Fretting Over Debt Repayment, Angela Hunt Voted for $330 Million Bond Sale Today
Before its Oncor briefing, the council did have a few other things on its agenda -- like, oh, approving the sale of $330 million in bonds to fund projects in the $1.35 billion 2006 bond program. And for months, council member Angela Hunt has more or less been the sole council member (along with Ann Margolin, at times) to raise the concern that the city -- already strapped for dough this fiscal year and in danger of having to cut even more as Mary Suhm preps for the next one -- is borrowing too much. But she voted for the bond sale nonetheless, as she explains in this just-posted item to her Web site:
The city manager proposed today that the council formally approve the sale of $330 million in bonds. I again expressed my concern that we not increase our debt repayment when we won't have the money to pay for it next year. City Manager Mary Suhm said that she had heard my concerns and that staff and bond council had figured out a way to restructure the bonds so they will not increase our debt repayment next year; in fact, our "credit card bill" will be reduced by about $600,000. That may not sound like a great deal of savings, but considering that the previous proposal would have had us spending additional millions, I consider this a good solution. It will allow us to move forward on the bond projects as planned, while reducing our debt repayment next year. For this reason, I voted in favor of the bond sale.
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