Kirkendall: Houston METRO in a few years?
CLEAR THINKER TOM KIRKENDALL links to a report on the perilous, unsustainable financial condition of San Francisco's transit agency, and sounds this cautionary note:
Meanwhile, Houston Metro is currently proposing to sell $866 in general obligation bonds, yet it does not have non-tax revenue that is even close to covering debt service on that level of debt. Metro has not even floated what credit enhancement it proposes to provide in order to sell those bonds.
METRO has further proposed to take on more debt than was approved by voters in 2003 in what was thought (apparently erroneously) to be a check on the agency as well as a blueprint for moving forward. Here's hoping for saner behavior from Mayor Parker's new appointees.
Posted by Kevin Whited @ 04/20/10 07:56 AM | Print |
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