3/29/11
By Dan Beynon
A few weeks ago, the Modesto City Council voted to retire $16.155 million in bonds (actually certificates of participation) originally issued in 1997 from the water fund.Gloriette Beck, director of finance, and her team should be commended for their resourcefulness in finding ways to save the city money.
You have to wonder if there are not similar opportunities to retire city debt elsewhere.
According to the audited financials, as of June 30, the city was carrying $291,042,450 in long-term liabilities.
That begs a second question — how did the city amass $45.3 million in cash in the water fund to begin with?
Read more: http://www.modbee.com/2011/03/26/1617099/visiting-editors-on-retiring-debt.html#ixzz1I09i8r4t
