Posted on 03/10/2010 12:12:17 PM PST by a fool in paradise
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.
But critics sharply criticized the plans as going far beyond what voters approved, noting that revenues from ridership fares fail to pay Metro's operating expenses.
Borrowing money backed by fares will make it necessary to use more sales tax revenues for operations, an underhanded way of using more sales tax funds to pay for rail than the referendum allows, said Houston lawyer and light rail critic Bill King.
King said Metro's claim that it is not violating a promise to voters is “pure sophistry.”
“This is just a different deal than what they made with voters in 2003,” he said. “And if the voters want to approve that, that's fine, but they ought to go back and ask the voters if they're OK with spending three times as much and borrowing four times as much as they were told in 2003.”
Metro President and CEO Frank Wilson said the agency does not have to ask for voter approval for the additional debt because it would be paid for with sales taxes, fare revenues and federal grants.
“If you read the referendum, there are a number of sources in there that we're allowed to use that doesn't require us to go back (to voters),” he said...
(Excerpt) Read more at chron.com ...
Houston PING
and much of the bonds will be paid with money from ridership fares
For all those that buy this they also have a bridge you can buy for a song.
DUMOCRAT Bill White (gov candidate) handiwork.
Dumocrat bait and switch.
Bill White? That guy who’s running for governor?
Also from the Houston Comical editorial board:
Eye on the prize: Turbulence at Metro must not impede light rail work
With the Metropolitan Transit Authority embarking on a massive five-line light rail construction binge, the timing couldn’t be worse for the eruption of an agency scandal and the ouster of its top lawyer
http://www.chron.com/disp/story.mpl/editorial/6905397.html
Yep, Mr. Sanctuary City Himself.
Sgt. Schultz. Ask him about Houston’s sanctuary city status and he’ll deny it, claiming that there was no such policy, it wasn’t the duty of our police officers, and it was no different than any other (Democrat run) city in Texas...
YEP he is a Far leftie nightmare.
Acorn supporter Clinton Admin lackey.
The new Mayor told all of his cronies to look for work.
Plus the brewing scandal of the Metro people shreading Docs is not helping.
Hopefully enough of his corruption and liberalism and lying comes to light in 2010 that he does not run for the Senate in 2012.
Well Perry is not known for being Mr. Nice Guy in Campaigns, so White is getting a detailed exam. Similar to a Proctological exam.
He has 3 tones of voice, befuddled meak Elmer Fudd, another where he speaks to voters as if he’s the only adult and everyone else is a 3 year old (it’s for your OWN good), and pitbull (”I DARE YOU!!!”).
I meant Bill White’s 3 tones of voice, not Perry by the way...
I think that Bill White is going to be a hard sell to people in the Dallas Metroplex.
And to get back to the thread at hand, it’s good to keep up with what Metrorail is trying.
and much of the bonds will be paid with money from ridership fares
I hope one of these lines goes to the NW 'burbs.
I hate it whenever I have to drive inside the beltway.
And there's MORE good news: looks like Galveston is planning on connecting to the Metro!!!
Galveston County pitches public transit district
More riders = more fares to pay for the bonds!!!
WooHoo!!!
He rarely use the I dare you one.
He seemed to be fond of the Elmer Fudd one to hide his malevolence.
If you ask me (and you didn’t), this Metro Rail thing reeks to high heaven.
They forced the Rail right thru the neighborhoods on Richmond. Even when the residents provided evidence of the dangers of running the line over gas lines. If the truth be known I bet there are some political deals that would make even the most jaded pol blush. It’s the Dum way.
Not when push comes to shove (or like when he kicked out the clients who’d rented the George R. Brown during the Katrina and aftermath timeframe, he dared them to sue the city). He’s used that angry tone several times on other items too.
But he definitely told some fibbs when he was on the radio the other day. Says he never invited anyone to Houston during the Katrina evacuation and that Houston was the closest city. Memphis is 6 hours from NOLA as well and there are even closer cities. We faced the Rita “threat” almost 2 months after Katrina.
He originally denounced those who blamed Houston’s crime rate on Katrina evacuees and then pointed the finger of blame exclusively on them so he could appeal for FEMA funds (same with lodging costs and other blank checks he signed).
But Bill White’s scheme worked. No one ran against him when he ran for re-election in the next cycle.
The public voted for rail on WESTPARK, not Richmond. The city never honors the ballots.
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