COPs could require tax dollars for repayment |

COPs could require tax dollars for repayment

Dear Editor,

Much has been written about Certificates of Participation the Glenwood Springs City Council is proposing to issue to pay for the golf course. Some of that discussion was on what would happen if the city of Glenwood Springs were to default on the proposed COPs.

In fact, the city will not default. If the source being identified to repay the COPs (the landfill revenue) is not sufficient to make the payments, the city would draw from the general fund to make the payment. No city council member, either currently in office or those to be elected in the future, will allow the city or its credit rating to be tarnished by defaulting on the COPs.

COPs are no different than a bond. Both are long-term city debts that must be repaid.

To tell the voters that COPs requires no tax money is a dubious statement. Funds from the landfill are now used to pay city bills. When that money is used for repaying the COPs, then other tax money will pay those bills. Will the source of those funds be a sales tax increase or a property tax increase?

Mayor Vanderhoof stated in a Post Independent article (April 18) that if the public was adamantly against using COPs they have time to challenge the idea. That time is at the Aug. 7 council meeting. I hope members of this community attend the meeting and voice their opinion.

Joe O’Donnell

Glenwood Springs

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