Golf course financing a back-door approach |

Golf course financing a back-door approach

Dear Editor,People and special-interest groups in favor of using Certificates of Participation (COPs) to put the city of Glenwood Springs taxpayers in debt use some of the following reasons to borrow $12 million and pay back $18 million ($6 million in interest) at the rate of $1 million per year:-It will be good for tourism. Obvious answer. Sales tax dollars should benefit the citizens, not tourists.-After pay-off of the COPs, the golf course will subsidize the pool operation of $400,000 per year. Obvious answer. So for the next 18 years, the taxpayer will pay $1.4 million per year ($1 million for golf course debt and $400,000 for pool operation, when there is $1 million per year available now.)-The city needs to take advantage of low interest rates to save millions. Obvious answer. Six million dollars of taxpayers’ money in interest to banks is saving the taxpayer millions?-COPs are not illegal and were used to build the Garfield County Jail. Obvious answer. Financing the jail was never a voter issue, as was the rejected golf course debt in 1991.In this case, COPs are a back-door approach to overturn the vote of the majority, and as with the airport, should again be put to the voters, especially when plans are already being laid to ask for another tax increase next year.Larry BeckwithGlenwood Springs

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