AUSTIN –Texas Public Policy Foundation (TPPF) Board Member and former Midland Mayor Ernest Angelo and TPPF’s Center for Local Governance Director James Quintero will testify before House Committee on Investments & Financial Services—Subcommittee on Bond Indebtedness TOMORROW, Wednesday, March 18, 2015 at 8:00 am CDT in room E2.028 of the Texas State Capitol. Mr. Angelo and Mr. Quintero will testify on House Bill 1399, which would bring greater government transparency and accountability to the process of issuing certificates of obligation (COs). COs allow cities, counties, and certain special districts to issue debt without voter approval.
“House Bill 1399 promises to bring some much-needed reforms to the process of issuing debt without voter approval,” said Angelo. “Cities, counties, and special purpose districts that issue certificates of obligation can and should do a much better job of keeping the public informed and engaged on local debt matters, especially when it comes to nonvoter approved variety. Measures like HB 1399 would go a long way toward better educating the public on local debt and promoting dialogue.”
“Local governments’ growing reliance on COs should be checked with measures to ensure greater government transparency and accountability,” said Quintero. “It is critical that Texans better understand how debt issued without voter approval affects not only them, but the future of their community as well.”
||Ernest Angelo, Board Member, TPPF
James Quintero, Director, Center for Local Governance, TPPF
||Testimony before the House Committee on Investments & Financial Services—Subcommittee on Bond Indebtedness|
||Wednesday, March 18, 2015
8:00 a.m. CDT
|WHERE:||Texas State Capitol, Room E2.028|
More information about the hearing can be found at: http://txpo.li/1DtJTAG
To schedule an interview with Mr. Angelo or Mr. Quintero, please contact Caroline Espinosa at [email protected] or 512-472-2700.
Ernest Angelo has over 50 years of experience in the oil and gas industry. Since 1964, he has been an independent petroleum engineer. Angelo served four terms as Mayor of Midland, Texas, during which time Midland experienced substantial growth and an increase in city facilities and services while achieving the lowest tax rate among Texas' 25 largest cities. Currently, Angelo is managing partner of Discovery Exploration, and has served on the Texas Parks and Wildlife Commission, as Chairman of the Texas Department of Public Safety Commission, and on the Texas Higher Education Coordinating Board (formerly known as Coordinating Board, Texas College and University System). In 1976 and 1980, he was co-chairman and chairman, respectively, of Ronald Reagan's presidential campaign in Texas.
James Quintero is director of the Center for Local Governance at the Texas Public Policy Foundation.
The Texas Public Policy Foundation is a non-profit, free-market research institute based in Austin, Texas.