Crackdown on local debt proposed; local officials not pleased but hope exceptions part of legislation - Lubbock Lights

Crackdown on local debt proposed; local officials not pleased but hope exceptions part of legislation - Lubbock Lights

Carl Tepper wants to crack down on local governments using certificates of obligation (CO) for borrowing money and increasing debt. LubbockLights.com asked Tepper, state representative from Lubbock, if he had statistics illustrating why he created legislation to limit CO use, which does not have to be approved by local voters, unlike a general obligation bond. “Let me see,” Tepper said – followed a moment later by the words, “Holy mackerel!” Tep…