City May Issue Bonds to Pay for Repairs
Although they rejected the idea of raising the sales tax to pay for street improvements, members of the Ventura City Council have agreed that the time is right to find new sources of funding to repair the aging city.
”. . . We need to direct staff to develop the necessary action or ordinance to issue a COP (Certificate of Participation bond),” said Councilman Ray DiGuilio of a staff suggestion that the council consider selling the bonds to cover improvements to the city’s water system. “I realize some people will look at that as a tax. I look at it as a users fee.”
Councilman Sandy Smith agreed that residents appear ready to shoulder some financial burden to improve the city.
The council should consider assessing property owners to pay for street improvements, he said.
However, Councilman Jim Monahan questioned whether taxing residents for street improvements through an assessment tax would be a good idea. Councilmen Jack Tingstrom and Brian Brennan were absent.
The discussion came as the council tries to find ways of funding a $69-million shortfall in the city’s 1999-2004 Capital Improvement Project plan. The majority of the shortfall, more than $53 million, is divided between street and water improvement projects.
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.
