Stop Bristol VA Debt

As concerned taxpayers in Southwest Virginia, we have watched while Bristol Virginia City leaders have borrowed millions of taxpayer dollars without any guarantee of return on OUR TAXPAYER investment. The time has come to cut our losses before the city of Bristol Virginia maxes out the Taxpayers credit card.

• Huge Gamble: Private Development is risky. The city of Bristol should not use our tax dollars to try to get into the private development business.

• Maxed Out (to the Limit): The city of Bristol, Virginia has a $100 million credit limit. (1) The city council has already borrowed $35 million dollars to fund The Falls risky development scheme. (2) The city of Bristol, Virginia is nearing their debt ceiling and what do the taxpayers of Bristol have to show for it?

• Misguided Priorities: According to city leaders, there is no way the city can finance a $20 million dollar school now.(3) Why do the taxpayers of Bristol have to build a new mall just to have money to build a school? The city leaders should use our tax dollars to build schools not shopping centers.

• Approaching Bankruptcy: Currently, the city of Bristol, Virginia general obligation debt is $79 million. (4) In October, the city approved another $10 million dollars in borrowing for The Falls, which brings the total debt to $89 million. (5) Citizens of Bristol know the leaders in Washington can’t control their spending. Now, the city council wants the state of Virginia to bail them out.

Sources
1. Bristol, Va., plans to issue big bucks in bonds for The Falls Bristol Herald Courier October 19, 2013.
2. City of Bristol Virginia Financial Summary 12/31/13 Preliminary.
3. City backs school concept in spirit, but financing in question Bristol Herald Courier December 10, 2013.
4. Bristol, Va., plans to issue big bucks in bonds for The Falls Bristol Herald Courier October 19, 2013.
5. Bristol Virginia City Council Meeting October 8, 2013.