$2.9-Million Bond Issue Approved to Aid Casino
The Huntington Park City Council has voted to issue $2.9 million in bonds to provide a long-term loan to the financially strapped Huntington Park Casino, one of the city’s largest sources of revenue.
The Huntington Park Casino, which has sought protection from creditors under Chapter 11 of the U.S. Bankruptcy Code, had been unable to secure a loan on its own, said Donald L. Jeffers, the city’s chief administrative officer.
Under the agreement approved by the City Council this week, the casino is obligated to meet the monthly payments--about $25,000--on the bond issue, Jeffers said. But the arrangement leaves the city liable if the casino fails to make the payments, and the city has pledged general-fund revenues to back the bond issue. Huntington Park officials say the bond issue represents only a small risk to keep the casino afloat.
Start your day right
Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week.
You may occasionally receive promotional content from the Los Angeles Times.
