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Featured Listener Comments Section: Contents List |
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Listener: Dick Hudgens
Category: Lubbock City Politics
Date: 30 Apr 2010
Time: 14:59:34 -0700
Remote Name: 64.216.33.206
There are two attachments that I have sent you. One
attachment titled "Lubbock Bond Debt as of April 29, 2010 is from Andy Bertram
except for the last part where I added in the $16.7 million interest payment and
the Excel Energy purchase of $89.5 million that will occur in the next few
months. [These have been combined into one pdf, click here to download.]
There are no doubt some more bonds that will be added during the rest of this
year. I will ask Andy if he knows what is projected in new bonds for the rest of
this year.
The second attachment is the comparison of Lubbock bond debt to the other 57
cities in the Panhandle, South Plains and Permian Basin. There are 57 other
cities in these regions that have debt issues. All this information came from
the Texas Bond Review Board web site and is as of August 31, 2009.
As you can see Lubbock has about four times the average debt of all the other
cities and at least twice as much as the next highest indebted cities. Amarillo
has about $850 per person in debt as compared to Lubbock's $4687 per person
debt.
I heard Mikel Ward say that in 1992 that Lubbock had $152 million in bonded
debt. We have come a long way since 1992. We are currently paying over $100
million a year in debt service costs. This blows my mind that we may soon have
more debt service costs per year than we had in total debt in 1992.
Dick Hudgens
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