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But you can agendize this matter for when you think that nobody will be paying any attention. And wouldn't Tuesday evening's City Council meeting be a really good time to do such a thing? You know, while all of the usual assembled worthies are busy happily congratulating each other over jacking up everybody's utility taxes?
Here is the agenda item.
Remarkable, right? "The Water Fund 2003 Revenue Bonds are interest only until 2020 when the 1998 Refinancing Revenue Bonds are paid in full." This bizarre financial arrangement is costing the city millions upon millions of dollars in interest that it didn't really have to spend, but what the heck. You can always raise everyone's water rates and taxes again. Those are near-annual events anyway, so what's the panic?
Of course, if you actually wanted to really dig into this matter, the city has included in its agenda report the following link. A little something that could give you the opportunity to do some due diligence.
So what do you get if you follow that link? What "comprehensive annual financial audits and biennial budgets" are then revealed to you?
None, actually. Instead you get this.
Congratulations, Sierra Madre. You have the government you voted for.
Just in case you are wondering, this sort of thing does have an effect. Should Sierra Madre ever decide to refinance its upside down water bonds, the interest rate the city would have to pay would be high.
Here is why (link).
But like I said, all City Hall has to do is just ask the residents for more money. You know, tell them its for the Library, or something. They're pretty naive and fall for that sort of thing every time.
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