Bond Revocation Ballot Language
Here’s how the city of El Paso’s bond revocation proposal will appear on the Nov. 5 ballot, which will ask voters to vote “FOR” or “AGAINST”:
PROPOSITION A
“to cancel the city’s authority to issue the remaining $128,455,636 in general obligation bonds for the multipurpose performing arts and entertainment facility to be located in Downtown El Paso which was approved by the voters in the city’s November 6, 2012 election, resulting in the revocation of the bonds?”
Background:
Voters in November 2012 approved two quality of life bond proposals totaling $473.2 million.
The $228.3 million proposal for “museum, cultural, performing arts and library facilities” included $180 million slated toward a multipurpose performing arts and entertainment facility, commonly known as an arena.
Though the ballot did not specify a location, the bond ordinance calling for the election identified Downtown as the planned site.
That proposition was approved by 72% of voters.
Over the years, various City Councils have considered building the arena at the site of the Abraham Chavez Theatre by the convention center, in the Duranguito neighborhood south of the convention center; and earlier this year, at the Union Depot site southwest of the ballpark.
The city has spent about $18 million on purchasing properties in the Duranguito neighborhood where the City Council once planned to build the arena and is now looking to sell them. The city also has about $34 million in cash at hand from that project.
Voters on Nov. 5 will decide whether to revoke the city’s authority to issue the remaining $128.5 million.
What does my vote “for” or “against” mean?
- Voting “for” the proposition means the city can no longer borrow the remainder of the funds to build the multipurpose facility, commonly known as the arena. Voting “for” the proposition would not prohibit the City Council from taking another bond proposal to voters for a different amount or location, or look to other funding to build a similar facility, at a later time.
- Voting “against” the proposition means the city can move forward with borrowing the remaining funds to build the arena. Voting “against” revoking the bonds allows the city to build a facility in Downtown as stated in the 2012 bond, but the size, scope and cost of the arena could change with City Council approval.
Are taxpayers on the hook for bond money already spent?
City officials have said they plan to use funds from the Duranguito properties it is trying to sell to pay down the debt from the previously issued bonds. If voters reject the city’s proposal, it could apply those funds toward an arena in the future.