THE BUSINESS OF THE CITY IS BUSINESS, APPARENTLY

By Juan Montoya
When the City of Brownsville commissioners voted to advance the sale of Lincoln Park to the University of Texas System they voted during a sparsely-attended meeting held on Nov. 4, the same day that elections were held.
Many asked whether the vote on such a polarizing issue could not have been postponed for the next meeting a week from the day to allow maximum input from the residents, the majority of who were against the conveyance the 48-acre park to the UT System.
Mayor Tony Martinez and the city commissioner, heedless, went through with the meeting and got a 4-3 vote to continue the process of transferring ownership of the park.

Now, tomorrow's meeting of the city commission will be held on the same day that Mayor Martinez would have buried his son TJ after his long bout with terminal stomach cancer.
Some are saying privately that the meeting should have been called off as a sign of respect to the mayor and the grieving relatives and friends.
As of 5 p.m. today, there was no notice of cancellation of the meeting and it appears that it will go through as planned.
There is nothing controversial in the city's agenda for tomorrow except for a refinancing of $26.7 million of general obligation bonds and Certificates of Obligation except that it will add to the city's existing bond debt of $151.2 million that will reach a post-sale debt of $176.4 million.
The agenda backup to the item does not specify what savings will be achieved as a result of the refinancing or what the financial consultants will charge or the cost of other fees associated with the refinancing.
Moody's warns that the city and county's debt is above average as is the unemployment rate and the immediate economic outlook. It also warms that the accumulated debt of other entities where taxpayers living in an overtaxed, low-ranked economic region could make them change the bond ratings that would result in higher interest.
Still, the bond issue – already postponed once – will require the mayor's signature.
Moody's Investment Ratings gives the bond refinancing a less-than-prime rating of Aa3, which means that the city property taxpayer will  take a hit on the eventual repayment of the debt until they mature in 2022. Officials have told Moody's that they intend to use the money to refinance portions of the of $15,785,000 (the "Series 2005 Bonds"); $7,830,000 (the "Series 2006 Certificates"), and $5,550,000 (the "Series 2006 Bonds") for debt service savings.
Although it is important that the mayor attend the meeting to vote and sign off on the fiscal items above, surely the meeting could have waited to permit him and his a decent interval and the commission to show respect for the deceased before going about doing business as usual.