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San Diego taxpayers to be Chargers laughingstock?

I'm opposed to handing out corporate welfare to crass, self-serving billionaires, and I'll be voting against the Chargers initiative. But I want honest debate about this or any other political controversy, and that means I want honesty from my own side, too. Which is why I'm troubled. Help me understand something Don. I keep hearing the claim that if the hotel tax increase isn't enough to cover the bond payments then the city will be on the hook. E.g., from nodowntownstadium.com: "Additionally, if the proposed hotel tax increase does not meet expectations, because of lost conventions or an economic downturn, the City would have to cut neighborhood services or raise taxes and fees to pay for the stadium bonds, or default on the debt the City would incur under the Spanos plan." Yet if you read the initiative itself, it seems to expressly state the opposite: "In no event shall the General Fund of the City be responsible for the payment of debt service on Bonds or payments pursuant to any Financing Agreements executed and delivered or issued by the City or the Governmental Entity for the purposes and uses set forth in this section. In no event shall the issuance of Bonds or Financing Agreements involve the pledge of the faith and credit of the City, but shall be limited obligations payable solely from specified revenues, moneys and assets." (p. 88) So which is it? Would the city of San Diego be co-signing the loan or not?
— August 19, 2016 12:52 p.m.
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4S Ranch Allied Gardens Alpine Baja Balboa Park Bankers Hill Barrio Logan Bay Ho Bay Park Black Mountain Ranch Blossom Valley Bonita Bonsall Borrego Springs Boulevard Campo Cardiff-by-the-Sea Carlsbad Carmel Mountain Carmel Valley Chollas View Chula Vista City College City Heights Clairemont College Area Coronado CSU San Marcos Cuyamaca College Del Cerro Del Mar Descanso Downtown San Diego Eastlake East Village El Cajon Emerald Hills Encanto Encinitas Escondido Fallbrook Fletcher Hills Golden Hill Grant Hill Grantville Grossmont College Guatay Harbor Island Hillcrest Imperial Beach Imperial Valley Jacumba Jamacha-Lomita Jamul Julian Kearny Mesa Kensington La Jolla Lakeside La Mesa Lemon Grove Leucadia Liberty Station Lincoln Acres Lincoln Park Linda Vista Little Italy Logan Heights Mesa College Midway District MiraCosta College Miramar Miramar College Mira Mesa Mission Beach Mission Hills Mission Valley Mountain View Mount Hope Mount Laguna National City Nestor Normal Heights North Park Oak Park Ocean Beach Oceanside Old Town Otay Mesa Pacific Beach Pala Palomar College Palomar Mountain Paradise Hills Pauma Valley Pine Valley Point Loma Point Loma Nazarene Potrero Poway Rainbow Ramona Rancho Bernardo Rancho Penasquitos Rancho San Diego Rancho Santa Fe Rolando San Carlos San Marcos San Onofre Santa Ysabel Santee San Ysidro Scripps Ranch SDSU Serra Mesa Shelltown Shelter Island Sherman Heights Skyline Solana Beach Sorrento Valley Southcrest South Park Southwestern College Spring Valley Stockton Talmadge Temecula Tierrasanta Tijuana UCSD University City University Heights USD Valencia Park Valley Center Vista Warner Springs
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