Last night Council considered a very complex financial transaction that essentially "tenders" 30% of the pre-pay natural gas contracts we agreed to with Merrill Lynch.
Doing so will return about 25 million to the Gas and Oil Department. More importantly it will not increase the cost to the consumer.
In the memo to the Council was a proposal to use some of these new funds to pay for the relocation of the Public Service Yard which is a necessary component of the proposed wetlands and land swap. The council approved my motion that removed that provision so that any additional funds from the tendering of 30% of the bonds will go to the General Fund and not to pay to move the Public Service Yard -- which we can wait to do until we are financially solvent.
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Dear Readers: Please note that this is not a City of Long Beach website and is not paid for nor maintained by taxpayer funds.
If you contact Gerrie Schipske through this site on any matter pertaining to the City of Long Beach, a copy of your contact will be forwarded to her official city email as an official public record.
Wednesday, July 8, 2009
Save Station 18
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