Local gov. catastrophe: San Antonio approves record $596 million in debt
This move by San Antonio is a behemoth example of how tyranny rules in every local government across the country. Unless this is stopped, all attempts at political reform are futile. This is the heart of the beast.
The worst part is, this is supposed to be great conservative, lone star Texas. And yet, “voters approve.” Across the state, the number is actually $1.8 billion.
Bloomberg reports,
San Antonio won authority to borrow a record $596 million from the municipal-bond market in Texas elections that put $1.8 billion in debt issues before voters.
The state’s second-largest city topped all others in the amount requested from voters in municipalities and school districts across Texas in the May 12 polling, according to Strategic Partnerships, an Austin consulting firm.
In five separate items, San Antonio voters passed debt issues for bridges and streets; drainage and flood control; parks and public buildings. The largest amount, $337.4 million, will cover roadwork. Approval margins ranged from 62 to 73 percent, according to a municipal website. With 1.3 million residents, San Antonio trails only Houston, with 2.1 million, among Texas communities, according to U.S. Census Bureau data.
“The election is a clear mandate on the city leadership, the mayor and the city manager,” Christian Archer, a consultant to Mayor Julian Castro, a 37-year-old Democrat, said today by telephone. He said municipal voters passed a $550 million bond authorization in 2007.