$4.9-Million Budget Proposed for Port
A new patrol boat, more earthquake insurance, an upgrade to slips at Village Marina and $30,000 to restart the downtown/harbor trolley service are top priorities in the Ventura Port District’s 2000-01 budget proposal.
The estimated spending plan shows a balanced budget of $4.9 million, with a possible $500,000 surplus, from combining overhead at the port district and Ventura Harbor Village, said Anita Lambie, finance director for the district.
This year will be a milestone for the district, Lambie said, because the 1962 voter-approved bond used to build the harbor will finally be paid off.
The district still faces $19 million in outstanding loans.
Most of the debt stems from a 1993 bankruptcy. Ventura Group Ventures won a $15.7-million breach-of-contract judgment against the district for pulling out of a development project. The district is paying off the bankruptcy over 30 years with a private revenue bond received earlier this year. Payments are included in the 2000-01 budget, Lambie said.
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