super cheesey nacho

1/4 c. chopped green pepper
1/4 c. chopped red pepper
4 to 5 cloves garlic, minced
2 scallions, minced
1 tbsp. olive oil
2 tbsp. butter
2 tbsp. flour
1 1/2 cups milk
1 c. eden cheddar cheese, shredded
1/4 teaspoon Tabasco sauce
2 tbsp. minced jalapeno peppers
1/4 teaspoon salt
Pinch cayenne pepper
1/4 teaspoon paprika
nacho corn chips