Proposed law that threatened new Spurs Arena has died

SAN ANTONIO – A proposed law that city leaders say would have Project Marvel impossible has died. House Bill 19 was left pending in committee.

Assistant city manager Jeff Coyle said HB19 would have placed limits on how the city usually raises money for huge infrastructure projects. The bill would limit cities to no more than 20% of property tax money averaged over three years to pay off bonds.

Coyle compares it to a mortgage payment.

“So you take out a mortgage and then you have monthly payments, it’s those monthly payments the state is trying to cap,” Coyle said.

RELATED | HB19 may slow down city growth by affecting future bond-funded projects

He said the bill would have prevented the city from building more expensive projects. For instance, the massive land bridge at Hardberger Park was funded through millions of dollars that was part of the city’s 2017 bond project.

Coyle argued against the bill because San Antonio has great ratings when it comes to paying its debts.

“There are investors ready to buy our bonds every time we do an issuance,” Coyle said.

Supporters of the bill say it’s being done to reduce income tax spending by local governments and public agencies.