A few days ago State Senator Carol Liu, who represents Monrovia, introduced a bill before the State Senate to make it easier to pass taxes for transportation projects.
The bill would lower the percentage of voters required to pass a tax from two-thirds to 55 percent. Here's the gist:
"This measure would provide that the imposition, extension, or increase of a special tax by a local government for the purpose of providing funding for local transportation projects requires the approval of 55% of its voters voting on the proposition. The measure would also make conforming and technical, nonsubstantive changes."
Source: http://goo.gl/4vfVy
- Brad Haugaard
Help Monrovia Develop Its Five-Year Plan
Give your ideas for Monrovia's five-year plan Tuesday (Dec. 11) at 7 p.m. at the Community Center, 19 W Palm Ave., across the street from the Library on the north side. Plan Monrovia is "a strategic planning process that engages and solicits community feedback to build a roadmap for Monrovia for the next five years."
- Brad Haugaard
- Brad Haugaard
Superintendent Wagner on District's Capital Appreciation Bonds
By Superintendent Linda Wagner
Recently, there has been press about capital appreciation bonds (CABs), and the cost of these bonds to taxpayers. CABs accrue interest which is paid in full at the time bonds mature, similar to federal government savings bonds. The Monrovia Unified School District was featured in a Los Angeles Times article focusing on this issue, and because of this, we would like to provide our local bond supporters with information regarding the status of Monrovia’s bonds. We are extremely grateful to the voters in our community for their support of bonds that have funded recent student housing projects. We take our responsibilities seriously; not only as educators of the students we serve, but also as stewards of local bond dollars.
The following provides answers to some of the most commonly asked questions about CABs.
What are Capital Appreciation Bonds and why use them?
Capital Appreciation Bonds, or CABs, are bonds in which all accrued interest is paid at the time the bonds mature, similar to a Federal government savings bond. The one-time payment at maturity includes all of the interest accumulated over the life of the bonds. Given that investors of municipal bond CABs do not receive any payments until the maturity date, they require a slightly higher interest rate to compensate for the delayed receipt of semi-annual payments.
In the case of a typical 30 year home mortgage, a buyer usually ends up paying much more than the purchase price; usually two to three times the original amount over the life of the loan, depending on the interest rate. Similarly, the repayment amount of bonds generally ends up costing two to three times the amount for which they were originally issued. In Monrovia’s case, that repayment calculation for the 1997 bond election is 2.90 and the 2006 repayment ratio is 2.40.
Districts choose CABs for several reasons:
1) School facilities will be used for many generations. CABs allow the District to spread part of the burden of paying for school facilities out to the future, giving some relief to current taxpayers who might otherwise pay what could be considered more than their fair share given the future use of these buildings to generations that will follow.
2) CABs allow schools to make the most of their General Obligation (GO) bonds by accessing dollars at the time the bond is passed, and therefore making use of the current construction costs. If it were not for the CAB portion of a District’s portfolio, construction would have to wait until bond dollars were available. In our case, it is estimated we would have had to wait years longer to access the dollars and begin construction than we were able to access using CABs. In many cases, during that delay, inflation can rise and construction costs can increase.
3) The voters in a given area likely passed the bond for student housing reasons, as was the case in Monrovia. CABs allow students to be housed in effective classroom buildings, providing a boost in the academic experience for current students, rather than waiting years to commence construction.
What is the status of Monrovia’s bonds relating to capital appreciation bonds?
The District has always been attentive to the costs associated with bond dollars. The LA County Treasurer's office participated in all the District's bond sales and approved both the interest rates and the structure (including the issuance of the CABs). In both bond programs (1997 and 2006) the District had a combined repayment ratio of 2.62 to 1 (principal and interest repaid as a ratio of the amount of principal borrowed). Our District has prudently managed its 1997 and 2006 bond election financings to take advantage of all available options to save taxpayers money.
What are the bond repayment ratios for Monrovia?
The 1997 Bond Election had an overall repayment ratio of 2.90 to 1.
The 2006 Bond Election had an overall repayment ratio of 2.40 to 1.
Combined, all of the bonds issued by the District had a repayment ratio of 2.62 to 1.
What is the media focusing on?
The LA Times story focused on the repayment ratio, which measures the combined interest and principal repayment compared to the original bond amount issued. As noted in the story, the CA Treasurer has recommended that the ratio not exceed 4.0. With the exception of the 1997 Election Series B Bonds that were sold in 2000 with a repayment ratio of 4.8, none of the District's bond series has exceeded a 4.0 repayment ratio.
One misleading and deceptive aspect of the story is that the list focused only on the CAB portion of the bond issuance, as opposed to the total repayment of each bond series. What impacts taxpayers is the overall repayment of the bonds when taking into account every aspect of the bond program, including the other bonds issued. Picking out the CABs, as in the LA Times story, is comparable to evaluating a 30-year home mortgage after the first three or four years and asking “why did you pay over 80% in just interest during these years?" without looking at the overall repayment of the mortgage. What impacts taxpayers is the overall repayment of the bonds when taking into account every aspect of the bond program, including other bonds issued.
We thank you for your support of the new facilities at Monrovia High School. They are making a positive difference each and every day for Monrovia High School students, and will for generations to come.
Monrovia Police: Beer Bust, Mething Around With Cell Phone While Driving, Sleeping in Mid-Street, Etc.
[Monrovia Police activities from the Police Department's Neighborhood Watch Report for Dec. 6-9. - Brad Haugaard]
Following are the weekend's highlighted issues and events.
Vandalism
December 8 at 5:12 a.m., an employee at a business in the 100 block of West Foothill called to report that the glass front window of the neighboring business had been smashed. Officers responded and checked for any evidence. The investigation is continuing.
Commercial Burglary - Suspect Arrested
December 8 at 7:06 p.m., a burglary was reported at a business in the 300 block of West Huntington. A male suspect entered the business and went directly to an isle, where he placed two three-packs of beer under his sweater. A store employee observed him leaving the store without attempting to pay and pursued him. The suspect was apprehended by the store employee and convinced to return to the store. He admitted to entering the store with the intent to steal the beer without any means or intent to pay for it. He was arrested and charged with burglary.
Possession of a Controlled Substance - Suspect Arrested
December 8 at 9:36 p.m., the Monrovia Special Enforcement Team was assisting the El Monte Police Department in the containment of an armed robbery suspect and they were checking cars leaving the area for the suspect. They observed a driver nearly collide with the car in front of him as he was talking on his cell phone. They stopped him and while investigating the driver for possible driving under the influence, they observed a small baggie containing a white crystalline substance on the seat of the car. The substance turned out to be methamphetamine. The driver was arrested and charged with possession of a controlled substance.
Traffic Collision - Light Signal Damaged
December 10 at 12:27 a.m., a male driver who was not paying attention to his driving while looking for a gas station collided into a light signal mounted on a center island. The signal was damaged and will need to be replaced. The Monrovia Fire Department and Southern California Edison responded to turn off the power to the loose wires.
Driving Under the Influence - Suspect Arrested
December 10 at 2:17 a.m., a male driver stopped his vehicle in the middle of the roadway at Mayflower and Duarte Road, turned the ignition off and fell asleep, leaving his headlights on and the car in drive with the keys in the ignition. Passersby called police to check on the welfare of the subject. When officers arrived, they discovered the driver was heavily intoxicated. He was arrested for driving under the influence.
Monrovia's First Presbyterian Puts Up Nativity Scene
I guess it is really the Christmas season. Monrovia First Presbyterian Church has its nativity scene up.
- Brad Haugaard
- Brad Haugaard
Four Nights of Freeway Closures
Four nights of full eastbound 210 Freeway closures, starting tonight (Monday, Dec. 10) and continuing through this Thursday. Full closure of all lanes begins at 11 p.m. and ends at 5 a.m. the following morning.
- Brad Haugaard
- Brad Haugaard
Monrovia Falls Short in Regional Playoff vs. Madison High :-(
Monrovia football loses state regional playoff game against San Diego's Madison High School, 21-17.
Story: http://goo.gl/YCbHl
- Brad Haugaard
Story: http://goo.gl/YCbHl
- Brad Haugaard
Monrovia's World Vision Helps Typhoon Victims
Monrovia's World Vision, a Christian relief agency, reports that it is assisting thousands of families in the wake of a Philippines typhoon. http://goo.gl/7BXcg
- Brad Haugaard
- Brad Haugaard
Monrovia Schools: Major Water Damage at MHS Event Center; Yes, It Can Pay It's Bills ... For Now
At its 7 p.m. Dec. 12 meeting (agenda here: http://goo.gl/1PKa6 ), the Monrovia School Board will, among other things ...
~ Consider authorizing $115,111 to fix rainwater damage to the Monrovia High Event Center caused by over-pressurizing a heating, ventilation and air conditioning unit. http://goo.gl/QxncO
~ Affirm, as required by law, that it can pay its bills for the next four years. "However, due to probably flat State funding and estimates of continued declining enrollment, current budget projections show that the district may not be able to maintain a positive ending balance in 2015-16." http://goo.gl/fCTBQ
- Brad Haugaard
~ Consider authorizing $115,111 to fix rainwater damage to the Monrovia High Event Center caused by over-pressurizing a heating, ventilation and air conditioning unit. http://goo.gl/QxncO
~ Affirm, as required by law, that it can pay its bills for the next four years. "However, due to probably flat State funding and estimates of continued declining enrollment, current budget projections show that the district may not be able to maintain a positive ending balance in 2015-16." http://goo.gl/fCTBQ
- Brad Haugaard
One More Week of Gold Line Bridge Construction, Reeds on Basket, Lane Closures
The basket-y reeds on the tops of the Gold Line bridge are now in place.
- Brad Haugaard
Monrovian Acquitted in School Sex Charges
A Monrovian who taught in Duarte schools has been acquitted on all charges of sexual abuse. http://goo.gl/2yFlT
- Brad Haugaard
- Brad Haugaard
Panda Express for Lunch
Went to Panda Express for lunch today (the one at Huntington and Monterey). Got the three-item entree for $7.88, plus the cost of drink and tax. Got Shanghai Angus Beef, Beijing Beef and Eggplant Tofu with noodles. Very good.
- Brad Haugaard
- Brad Haugaard
Rosemead Over Monrovia in Basketball :-( | Christmas Tamales for Science | Holden Swearing In
~ Rosemead over Monrovia in basketball. http://goo.gl/5a2bZ
~ Order Christmas tamales and help Monrovia High's Math and Science Academy. Here's the form: http://goo.gl/t1kfN
~ Chris Holden, who represents Monrovia in the Assembly, will have a local swearing-in ceremony this Sunday at 4 p.m. at Noor Terrace, 260 E. Colorado, Pasadena (located in Paseo Colorado). Reception at 4:30 p.m.
- Brad Haugaard
~ Order Christmas tamales and help Monrovia High's Math and Science Academy. Here's the form: http://goo.gl/t1kfN
~ Chris Holden, who represents Monrovia in the Assembly, will have a local swearing-in ceremony this Sunday at 4 p.m. at Noor Terrace, 260 E. Colorado, Pasadena (located in Paseo Colorado). Reception at 4:30 p.m.
- Brad Haugaard
Pictures of Monrovia Holiday Parade
Pictures from Thursday night's holidays parade on Myrtle. Click them to get a bigger view.
- Brad Haugaard
Monrovia's New Christmas Tree Lighted
After a few words from Mayor Mary Ann Lutz, the lighting of Monrovia's new Christmas tree. The old one was blown over by the super wind storm. The new one was donated by Home Depot. It is at the southeast corner of Library Park.
- Brad Haugaard
- Brad Haugaard
Monrovia's Fiscal State: Difficult, But We Have a Balanced Budget
Monrovia City Manager Laurie Lile explains the city's fiscal situation:
Our Current Condition:
- Since 2008, we have reduced staffing by 17%, an equivalent of 47 positions, and cut $2 million in expenditures.
- These cuts came to our key services, like street resurfacing, the Monrovia Area Partnership, literacy services, community policing, building and engineering.
- Federal and State regulatory compliance has remained constant. That means that we still have to comply with many government regulations, like Storm water, state realignment for prison releases, energy compliance measures, and shutting down Redevelopment. These are things that cannot be ignored when we realistically discuss what the City should be focusing on.
- Redevelopment funding has been taken away, and we don’t expect it to come back any time soon.
- Sales tax revenue, the second largest revenue source to the City, has been down 25% over the past three years.
- Property taxes remain flat.
- The good news: Monrovia’s budget is structurally balanced.
Source: http://goo.gl/wL2XO
- Brad Haugaard
Tickets for Monrovia Playoff Game | Library Closed | City Manager, Mayor Explain 'Plan Monrovia'
~ Monrovia School Board member Alex Zucco reports on Facebook that tickets for the Monrovia High State Regional Playoff game at Friday's street fair, from 5-8 p.m. "We hope to be located at the south end of Myrtle Ave. near Olive Ave."
~ Monrovia Library will be closed on Thursday, Dec. 13. http://goo.gl/qcr16
~ Video: City Manager Laurie Lile and Mayor Mary Ann Lutz discuss "Plan Monrovia." Lile writes: "With 47 positions cut and $2 million fewer dollars, the City can no longer be all things to all people. We have to pick and choose -- what are the most important things for the City to focus on achieving, and what can the community achieve on its own?" Video here: http://goo.gl/AkFlo
- Brad Haugaard
~ Monrovia Library will be closed on Thursday, Dec. 13. http://goo.gl/qcr16
~ Video: City Manager Laurie Lile and Mayor Mary Ann Lutz discuss "Plan Monrovia." Lile writes: "With 47 positions cut and $2 million fewer dollars, the City can no longer be all things to all people. We have to pick and choose -- what are the most important things for the City to focus on achieving, and what can the community achieve on its own?" Video here: http://goo.gl/AkFlo
- Brad Haugaard
Monrovia Police: Car Chase, Two Arrested; Female Impersonator Robs Bank; Stealing Liquor
[Monrovia Police activities from the Police Department's Neighborhood Watch Report for Dec. 3-5. - Brad Haugaard]
During the last seven-day period, the Police Department handled 434 service events, resulting in 70 investigations.
Grand Theft Auto / Vehicle Pursuit / Felony Evading / Conspiracy to Commit Grand Theft Auto - Suspects Arrested
December 4 at 4:43 a.m., a resident in the 700 block of East Greystone called to report two suspicious male subjects who were standing next to the resident's parked truck. When the resident asked the subjects what they were doing, they ran to two nearby vehicles and quickly fled the area. The vehicle descriptions were broadcast and officers located both of them driving south on Mountain from Foothill.
Officers stopped one of the vehicles at Mountain and Lemon. The other fled, continuing southbound on Mountain. The vehicle was traveling at a high rate of speed and collided into a wall at Mountain and Shrode. The suspect exited the vehicle and fled on foot through yards and into a wash. Los Angeles Sheriff's Department deputies responded to assist and detained the suspect at Mountain and Meridian. He was positively identified as the driver of the vehicle, which was determined to be stolen out of West Covina.
The suspect detained at Mountain and Lemon was found to be in possession of new power tools and had a suspicious story about how he obtained them. A search was conducted of the area and officers found a vehicle parked in the 300 block of East Greystone that had fresh damage to the driver's door lock similar to the damage on the stolen vehicle. Both suspects were arrested and taken into custody. The suspect who fled was charged with grand theft auto, felony evading, and conspiracy to commit grand theft auto. The second suspect was charged with conspiracy to commit grand theft auto and suspicion of receiving stolen property.
Bank Robbery - Chase Bank in Monrovia
November 5, at approximately 10 a.m., a male suspect trying to disguise himself as a female robbed the Chase Bank at 690 West Huntington in Monrovia, California.
The suspect approached the teller's window carrying a briefcase. The suspect made a demand for money and told the teller there was anthrax in the briefcase. The teller gave the suspect the money. The suspect took the money and the briefcase and left the bank. The suspect was seen getting into a silver PT Cruiser.
The suspect is described as an African American male, wearing a tan women's tracksuit with a hood. The hood was pulled up. The suspect had a white bandana on his head, clear lip gloss, cherry red nail polish, gold hoop earrings, dark brown Ugg style boots, glasses with black plastic frames and clear lenses, and was clean shaven.
Anyone with information is asked to call the Monrovia Police Department Detective Bureau.
Commercial Burglary - Suspects Arrested
November 5 at 3:50 p.m., two adult suspects walked into a business in the 100 block of West Foothill. The suspects were witnessed on camera stealing liquor and fleeing the business. Police located the suspects at Foothill, near May. Both suspects were arrested and taken into custody.
Subscribe to:
Posts (Atom)