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City Council today voted to waive their attorney-client privilege and share with the city manager and the general public a report related to the sale of bonds for the ballpark. Click HERE to view the entire report.
With a separate vote, Council also approved releasing documents related to the city soliciting requests for qualifications for a financial adviser.
In a news release, the city said the release of the release of the report would be , “Placing a strong emphasis on accountability, transparency and sound fiscal responsibility…”
The privileged documents released are a report by Norton Rose Fulbright on the baseball stadium financing. The other documents relate to the solicitation for requests for qualifications for a financial adviser. A written report on the solicitation for requests for qualifications for a financial adviser will be provided to council on Wednesday, December 2.
Bonds financing the ballpark were sold in August 2013. The long-term debt was based on an interest rate that was higher than originally estimated resulting in the City borrowing about $20 million more than originally anticipated for the stadium.
Snapshot
- November 2012: Voters approve funding sources for ballpark.
- May 2013: Council approves issuing bonds to finance ballpark.
- August 2013: Ballpark bonds sold, council formally notified that long-term debt for ballpark would cost millions of dollars more to pay off than originally anticipated.
- May 2014: Tommy Gonzalez appointed city manager.
- June/July 2014: Council members share concerns with Gonzalez about the city’s finances, including the $7.5 million deficit, the $9 million reduction to the fund balance, and the ballpark financing costing millions of dollars more than originally anticipated.
- August 2014: Pursuant to council concerns, City Manager authorizes solicitation for requests for qualifications for a financial adviser.
- April 2015: City issues request for qualifications for a financial adviser.
- September 2015: City Manager halts the solicitation for requests for qualifications for a financial adviser upon receiving a verbal report from legal on ballpark financing.
- November 2015: City Attorney sends city manager an email supporting the report findings.
Why in the world should or would these documents have been “privileged?” Aren’t we, the taxpayers, the “City of El Paso?” Should we not be entitled to a complete and full disclosure of anything to do with crap we pay for?