ear-fung.us I’m a programmer. I’m also pro-grammar.

Greensboro Aquatic Center…. Are You Kidding Me?

I don't often write about local news and events, but I'm just so perplexed by what's happening with the recent Greensboro, NC proposed Aquatic Center.

Turns out that the city council passed a measure (5-4) to put an additional $7 million bond on the next ballot because the first bond won't be enough to pay for the center. Granted, the taxpayers voted in favor of using bonds to finance it during the last election cycle. Wait... what? I wonder if anyone has ever done a poll of voters to see how many of them actually know what a bond is?

Bond:

In finance, a bond is a debt security, in which the authorized issuer owes the holders a debt and, depending on the terms of the bond, is obliged to pay interest (the coupon) and/or to repay the principal at a later date, termed maturity. A bond is a formal contract to repay borrowed money with interest at fixed intervals.

I'll be willing to bet that if all voters realized that a bond is a fancy name for a great big loan and that you actually have to pay it back, that greater than 50% of those who voted for the bond to build the aquatic center would not have voted that way. Why doesn't the city save up money it needs by operating under budget, and when they have enough money to build the aquatic center, then build it? (That was a rhetorical question... we all know that governments-especially those in the great state of North Carolina-can't control their spending).

Now the Greensboro City Council have decided that the cost will be more than originally thought! Whoda-thunk-it?!

I'm sure that there was some heavy lobbying to get the first bond measure on the ballot by companies that stand to make a profit from building and/or operating the aquatic center

Personally, I vote all bond issues down-no matter what. There no reason the government can't save up for something to pay for it later. It's this whole American system of instant gratification and digging yourself into a debt hole.