Half Moon Bay has financial options

Hey its government, why pay off the $18 million debt if you don't have to. What would Pacifica do?

Go shopping investing

Half Moon Bay Review/Mark Noack, 9/24/12. "City:  Sales tax still necessary after insurance judgment."

Pay down some debt, collect sales tax

"With a successful insurance lawsuit expected to net Half Moon Bay $10 million, city leaders now face a different task for convincing voters their local government needs a sales tax increase to provide more money. Elected leaders say the revenue from the lawsuit doesn’t change the need for a citywide sales tax increase, but they are unsure whether voters will agree.

Half Moon Bay voters go the polls in November to decide the fate of Measure J, a half-cent sales tax hike that would provide an estimated $867,000 per year for city infrastructure projects. 

... Half Moon Bay leaders intend to convene a special meeting sometime next month to gather public input on how the money should be spent. Before that meeting, city officials will prepare a series of spending recommendations for the public to consider.

....  Those bonds were scheduled to be paid off over 30 years, at a total cost of more than $32 million, but the city also has the option to pay off some of the bonds early to preclude mounting interest payments."

Read article.

Related article - Fix Pacifica reprint and background. . 

Posted by Kathy Meeh