Santa Fe has engaged in serious public bank research and discussions for two years. The pending task force resolution will provide more information. Our city’s 2011-2015 annual financial reports show it spent more than $7 million for bond issuance and fiscal agent costs and committed more than $25 million in interest to Wall Street over the next 10 to 30 years.
The Brass Tacks Team (Public Banking Facts that Stick!) used the 2011-15 debt service schedules for 29 bonds and loans and showed how a public bank would have lowered the city’s annual debt service costs by more than $282,000 and reduced its total debt by nearly $52,439,584 by refinancing the remaining debt at 4 percent and adjusting the terms when beneficial. A closer look at the facts shows that $1 million spent to manage a public bank is insignificant when compared to the savings and financial gains a public bank can provide.
Elizabeth Dwyer – Bernalillo
