Council backs negotiated price for sale of bonds
From Times staff reports
The City Council rejected advice from a top manager Wednesday and decided to proceed with the sale of $500 million in bonds for a new police headquarters and other buildings with a negotiated price, rather than through competitive bids.
City Administrative Officer Bill Fujioka objected, saying the city would do better financially with competitive bids. But Councilman Tony Cardenas pressed for a negotiated sale that would ensure that California firms would participate.
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.
