Today early voting begins for the City of Houston Elections. City officials and labor leaders are putting out a lot of false and misleading information concerning Proposition A. Let’s discuss a few of these misrepresentations.
I heard several times over the weekend Proposition A will not raise you taxes. A simple reading of English tells you this is a lie.
and the levying of taxes sufficient for the payment thereof and interest thereon.
The City of Houston cannot afford to pay attention let alone service the debt on 1,010,000,000.00 or one billion ten million dollars. Make no mistake this bond is secured by your property taxes, home, commercial property, whatever real estate interest you have in the City of Houston. I first saw this claim by Mayor Sylvester Turner here:
Not true
2. The second big misrepresentation is that the interest rate is moving from 8% to 4%. This is a big maybe, the bonds have not been priced. However, the City of Houston is not paying 8% they are actually paying nothing. The City has not made pension payments totaling 8.5 billion. This will continue if the bond is defeated. The bond just obligates you the property owners to pay the debt and secures your property with the bond to do so. This costs nothing now, it gets real expensive after the bond passes and you pay it.
3. The other lie I heard over the weekend is that the Republican Party of Harris County supports the pension obligation bonds. This is NOT true and when it was brought before the executive committee it was quickly defeated.