Fix Pacifica: 2010 City OF Pacifica 2010 Taxable Pension Obligation Bonds

Sunday, May 30, 2010

2010 City OF Pacifica 2010 Taxable Pension Obligation Bonds

$20,510,000
CITY OF PACIFICA
2010 TAXABLE PENSION OBLIGATION BONDS

http://royceprinting.com/jobs/FOSarchive/2010FOS/05_06_10_PacificaFOS.pdf

Submitted by Jim Alex

8 comments:

Jeffrey W Simons said...: A couple of interesting observations:

#1 - City population . . . this report estimates Pacifica's population to have been 39,995 as of 2009. The source being the California Department of Finance. Which is an increase of 1700 people in the last decade. EVERY OTHER SOURCE I've researched shows a population DECREASE in the last 9 years, including:
Sperling's best places to live (37,282)
IDcide (37,739)
Bay Area Census (38,240)
City-Data.com (37,739)

Of course when you're selling AAA bonds from a company that is rated with a negative financial impact, it is always important to fudge the population to make the city appear as if it is growing . . .; May 30, 2010 at 7:45 AM
Jeffrey W Simons said...: #2 - Here's Pacifica's thriving job market:

Employer Name / # of Employees
Pacifica School District / 307
City of Pacifica / 287
Safeway / 214
Jefferson Union High School District / 170
Lucky (Save Mart Supermarkets) / 125
Rite Aid / 52
Recology of the Coast / 50
Ross Dress for Less / 48
North Coast County Water District / 22

always a good sign of fiscal health when the top 3 employers of your city are all government agencies . . .; May 30, 2010 at 7:47 AM
Jeffrey W Simons said...: #3 - page 64 under "City of Pacifica Building Permit Activity" for calendar years 2004 through 2008 . . . big goose egg for New Commercial and New Industrial. Or like Dean Wormer said to D-Day in Animal House . . . "Zero point zero . . ."; May 30, 2010 at 7:56 AM
Jeffrey W Simons said...: correction on #2 I meant to say 3 of the top 4 employers are government agencies . . .; May 30, 2010 at 9:30 AM
Kathy Meeh said...: Conclusion: think of this city council as an another empty store front?; May 30, 2010 at 10:24 AM
Jeffrey W Simons said...: Just my opinion: They're kicking the can down the road again, they have no intention of ensuring these bonds ever get paid, and there is a provision in the issuance of these bonds warning against the risk to investors of a city filing for municipal bankruptcy.; May 30, 2010 at 10:36 AM
Kathy Meeh said...: Thanks for the pension posting Jim, and detailed results of "our sustainable economy is not much" Jeff.

Continued city council economic shell game-- fun before the collapse, which is happening to city infrastructure in pieces currently. But, don't worry the new economic plan "eco-tourism" and taxing parcel owners through fear of losing basic safety services will close the gap-- as you say "never".; May 30, 2010 at 11:02 AM
Jeffrey W Simons said...: grateful dead, love the handle, man. Just listening to my favorite band playing live at JFK stadium in Philly, 7/7/89. Great song in the first set called "Loser", about a down on his luck gambler looking for some help. Kind of fits this City Council's economic plan:

All that I am asking for is ten gold dollars
And I could pay you back with one good hand
You can look around about the wide world over
And you'll never find another honest man.; May 30, 2010 at 11:55 AM