City of Arlington SCREWED by Financial Meltdown-Must Refinance Cowboys StadiumSomervell County Salon-Glen Rose, Rainbow, Nemo, Glass....Texas


City of Arlington SCREWED by Financial Meltdown-Must Refinance Cowboys Stadium

18 September 2008 at 11:27:57 AM

Wanna know what I REALLY THINK? How about if someboy wants to build a big ole honking stadium in a city, THAT person has to FINANCE HIS OR HER OWN BUILDING. Sheesh. First, you had Bush screw you over and take people's property through eminent domain FOR A BALLPARK. Then you all voted for MORE OF THE SAME.

ARLINGTON — Refinancing $164 million in Cowboys stadium bonds to a fixed rate is expected to cost the city an additional $23 million to $28 million.

The biggest expenses include millions for new bond insurance and fees paid to terminate the existing financing agreement. The city has been trying to refinance the bonds since July.

The bonds have a variable interest rate, which has risen drastically the past few months because of uncertainty in the credit market and a downgrade of the bond insurer’s rating. The interest rates, which had ranged from 3 to 4 percent since 2005, spiked to 9 percent this summer, causing city leaders and the City Council to consider other options. Monthly interest-only payments, for example, rose from $500,000 to more than $1 million.

The city chose variable-rate financing back in 2005 because financial advisers estimated that it would save $20 million in interest over the life of the debt. The financing had saved the city about $2 million in interest over the past three years, but those savings are dwindling as interest rates remain high.

Ooops. Another example of government that Doesn't Know Jack.

Arlington-City of masochists.

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