The Glendale
City Council recently raised our water rates 13% over the next four years. In
addition, this is on top of the already 38% water rate increases residents,
business, and schools have experienced since 2007.
Had our
current city council and previous councils not illegally violated Proposition
218 since the year 2000 with transferring approximately $4million annually from
the Water Fund account to the General Fund, then our current council would not
be discussing the need tonight for a $35million revenue bond to shore up the
infrastructure of the GWP (Glendale Water and Power). From 2007 to 2015 the
stakeholders of Glendale will be seeing a 51% water rate increase.
In just 12
years, our city councils have drained GLENDALE WATER AND POWER of approximately
$235million going into the pockets of our unions’ employees. These monies
should have been used for the infrastructure repairs, but, instead, went to our
city workers.
Tonight, our
city council will approve a $35million water revenue bond to cover-up the
mistakes our city councils have made, because they chose to transfer
$235million out of the GWP, monies which should have stayed in the utility for
needed infrastructure.
Because of
council mistakes in July, Fitch Investor Service downgraded $50million worth of
water bonds issued in 2008, partially due to GWP lack of liquidity. Today,
Moody Investor Service put Glendale on “credit watch” as it reviews possible
downgradingof future bonds.
Council members, why the cover-up at the GWP?
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