State Representative Gwyn Green
Excepts from Gwyn Green's letter to her constituents
December 27, 2005
While it is true that Colorado has some serious transportation needs, it is also true that Referendum D has been defeated. Constituents have called me and emailed me to tell me they voted against D because they do not trust the Colorado Department of Transportation to make good judgments. Many are still upset with Director Norton for his stance on transit with the trans bonds. Others are upset about his skewing EIS processes. And many, many do not believe in funding transportation by bonding.
In fact, constituent wisdom in all these reasons seems borne out by recent newspaper articles.
Several news stories of the Northwest Parkway’s difficulties not having enough traffic to make their bond payments and the relegation of Northwest Parkway bonds to junk status by Fitch & Company raise questions about the rosy forecasts of tolling and the judgment of CDOT in promoting this tollroad – which now is forecast to run out of money to pay back their bonds in three years.
My concern all along with these risky financial commitments has been the risk of their saddling Colorado with a hefty financial debt. CDOT has been quick to assure me this is not the case and that it is the bondholders who will suffer. It seems to me that if we are to act with integrity, we need to make sure that the bondholders do not suffer by offering sound financial investments. I also believe that, if the Northwest Parkway bonds do go defunct, the bondholders will go for the deep pockets – the state of Colorado. I believe we are vulnerable to lawsuits from risky financial promotions like these. We need to proceed carefully with any toll roads and make sure there will be sufficient traffic on them to pay for them.
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