Wheeler: Credit card is maxed out
Here in Oregon, the state treasurer and his debt commission are telling the world that the state can't afford to be borrowing much more money any time soon:
The commission, in a release, called the amount of debt available "scant"... It’s so low that the state should consider delaying or deferring the sale of bonds for certain projects that are in the early stages. The state treasury is scheduled to sell $1 billion in bonds within three months for projects approved by the 2009 legislature.Too bad about the $250 million in lottery bonds that have already been sold to finance the insane Portland-to-Milwaukie train. Along with $90 million for other "multi-modal" transportation pork, and $20 million for streetcars. That borrowing all went down less than two years ago, when the recession was already well under way. Some of the debt bears interest at a rate in excess of 5% a year, even though the interest is tax-exempt.
Now the state's too hard up even to take out new loans, for anything. Go by streetcar!
| Posted at 10:47 AM | Permalink |
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Comments (13)
Speaking of choo-choos down Main Street, I see the multimillion dollar pizza slicer ran over another pedestrian this morning shutting down the line, this time in Hilsboro.
Posted by Mr. Grumpy | February 22, 2011 11:30 AM
What about Portland Public Schools' credit card?
A recent report from S&P upgrades PPS bond rating, but that is on bonds issued in 2004 and does not mention the half billion plus in boondoggle bonds the district wants to issue this year.
Posted by Garage Wine | February 22, 2011 11:30 AM
For what it's worth, I sent my local congressional representative a letter asking him to attempt to torpedo the funds for Milwaukie light rail.
As he has an (R) after his name, and isn't answerable to the State of Oregon, I figured it's better than the response I'd get from my representative if I was still living in Portland.
(Note, this is not a slight towards people with a (D) after their name, it is simply a statement reflecting the political reality that right now Republicans are looking for any dollar amount they can trim from pork that is not popular with their base, and especially so if they can screw someone like Blumenauer in the process.)
Posted by MachineShedFred | February 22, 2011 12:15 PM
(Sorry, Hillsboronians, I meant Hillsboro, not Hilsboro).
How about a catchy nickname, like 'the insane train'?
Posted by Mr. Grumpy | February 22, 2011 12:31 PM
We can still have bioswales and Leonard's Loos, right?
And a pony. I want a pony too.
Posted by Mister Tee | February 22, 2011 12:39 PM
Has Wheeler bothered to call TriMet and/or ask the governor to do so?
The madness that is the $1.8 billion Milwaukie Light Rail is reaching even new heights of fiscal insanity.
Posted by Ben | February 22, 2011 12:54 PM
Let's see tax exempt interest on munis... some more pork that could be cut.... there's some dough for the pie.
Posted by LucsAdvo | February 22, 2011 12:55 PM
Didn't you know that light rail is cheaper than buses? That's why MAX construction is exempt from borrowing limits...there's still bus service that can be cut.
Just think in five, ten years...that MAX system will be an "investment" into the future while bus service is just a drag on operations cost...with no more bus service, TriMet will be raking in all sorts of dough collecting taxes on the entire region, but only providing cheap, inexpensive light rail service.
And WES will pay for itself. Really. You just have to give it some time, the economy will recover...
Posted by Erik H. | February 22, 2011 2:18 PM
Light rail lines passing through Rose Quarter (that's about three lines, I think) were shut down for about an hour today due to a signal malfunction. Light rail in Hillsboro was shut down for nearly as long due to a pedestrian/"train" interaction. And in downtown Portland, a "train" broke down, tying things up until crews could haul it out.
The nice thing about buses - aside from greatly reduced expense - is that they can be quickly re-routed.
Posted by Max | February 22, 2011 4:43 PM
The nice thing about buses...
Whenever MAX craps out, there's always a bus to rescue the stranded passengers.
Sucks if you're a bus rider who got kicked off the bus so it can be routed to run as a MAX shuttle, though.
"We all share the ride, we all pay for the ride..." Unless you're a MAX rider.
Posted by Erik H. | February 22, 2011 8:49 PM
Don't worry. Mayor Sam will fix it.
Posted by The Other Jimbo | February 22, 2011 10:03 PM
And yet, those nice folks at UO are asking the Lelature for eight hundred million dollars in bon financing.
Academia out of touch.
Again.
A maz ing.
Posted by Nonny Mouse | February 23, 2011 11:50 AM
Light rail lines passing through Rose Quarter (that's about three lines, I think) were shut down for about an hour today due to a signal malfunction. Light rail in Hillsboro was shut down for nearly as long due to a pedestrian/"train" interaction. And in downtown Portland, a "train" broke down, tying things up until crews could haul it out.
The nice thing about buses - aside from greatly reduced expense - is that they can be quickly re-routed.
___________
oleg1
Posted by oleg100 | March 2, 2011 9:24 PM