Tuesday, September 19, 2017

2003 Water Revenue Parity Bonds: Why Would Bart Doyle Say Such A Thing?

It would appear that former Sierra Madre Mayor Bart Doyle has shown something of a memory lapse in the latest edition of the occasionally true Mountain Views News. The following comes to us from a front page article published just this past weekend called "Council Improves Refinancing Of City's Water Bonds."


The bone of contention here is the claim that Sierra Madre's "2003 Water Revenue Parity Bonds" had something to do with refinancing preexisting debt. Which, as anyone ought to know by now, just isn't true.

On August 9th City Hall held what they called a "Water Forum." At that jam-packed meeting many pressing water issues were discussed. The new City Manager Gabriel Engeland later encapsulated all of that in an interesting document called "Water Forum Questions & Answers." Link here.

This is how the question of the origin of those 2003 Water Bonds is explained.


So apparently the 2003 Water Bonds had little to do with refinancing anything. They were issued to raise cash to build some nice water tanks.

My guess is the problem former Mayor Bart Doyle is having with the 2003 Water Bonds controversy is that it was he, more than anyone else in Sierra Madre, who was responsible for making a call that went on to cost this town millions of dollars in unnecessary interest payment costs. Which is why those bonds needed to be refinanced now, a decade and a half later.

Or, as the City Manager dryly phrases it, "... the debt sold by the City to match the Federal funds was not structured effectively. This bond series is 30 years with 5% interest, and the first 15 years of payments are interest only."

It was Bart Doyle who made that financially bizarre "interest only" call. And now he suddenly can't remember why that was done?

In a recent article in the Pasadena Star News called "Sierra Madre just figured out how to save $1 million" (link), the consequences of not refinancing Bart's disastrous 2003 Water Bonds are explained by City Manager Engeland.

Sierra Madre just found $1 million-plus in savings and plans to use it to upgrade its water system, something city officials say is desperately needed.

The City Council approved Tuesday the refinancing of two water revenue bonds with a loan that can save the city approximately $68,600 annually. The bonds currently represent about $7.2 million of debt for the city, according to a staff report.

The 30-year bonds had the city paying interest only for the first 15 years and one had a large balloon payment due at the end of its term.

“Not only we were about to see our payments double, but we would have had inescapable payments we likely wouldn’t be able to make,” City Manager Gabe Engeland said.

Funny old dude, that Bart.

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57 comments:

  1. Don't mention about what he did in El Monte. Thought that guy moved and sold his house?

    ReplyDelete
    Replies
    1. I think he's sleeping on John Buchanan's couch.

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    2. There are a lot of rumors about where he lives now. Last I heard, it was South Africa. Then Azusa. Some unfortunate place has Bart.

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    3. The Kingdom of Jordan.

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    4. I think his wife, who seemed to get good jobs, is no longer in Jordan.

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    5. Staying in a granny flat on Rob Stockly's property?

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    6. Barty was a rolling stone
      Wherever he laid his hat was his home

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    7. What happened to his hot tub?

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    8. His friends all put on a lot of weight.

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  2. Very little of what you read in the MVN is true. It's usually just spin that benefits Susan's cronies.

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  3. Maybe it's time to expose Bart and all of his dastardly deeds. The guys an idiot and an unethical one at that.

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    Replies
    1. This is why Sierra Madre needs a forensic audit. The same individuals on the 2002 city council that created this water bond also were deeply involved with the DSP. If a link is established between the two, then it is very possible crimes were committed.

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  4. But, he's a lawyer 6:26.

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  5. Another guilty plea for redemption from the public, he is pleading for help with a troubled soul.

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  6. Maybe Bart didn't say that. Maybe it was just Susan making stuff up.

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  7. "Sierra Madre just found $1 million-plus in savings and plans to use it to upgrade its water system, something city officials say is desperately needed."

    I thought they were buying smart meters.

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  8. It's the Royal flush! Could be that Bad Bart is sleeping on Nancy Walsh's couch.
    How much money was spent on that Kiosk Portable Commode?

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    Replies
    1. Grove Street will never be the same.

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  9. Sharon Doyle's linked in profile says Azusa.
    No kidding. Azusa.

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    Replies
    1. Plenty of DSP style stack and pack there.

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    2. Azusa it is:
      http://members.calbar.ca.gov/fal/Member/Detail/137131

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    3. How's the walkability?

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  10. The Downtown Specific Plan, the LLC Investors Club, the hard fought 2-30-13 Ordinance to protect the downtown.
    The Council vote for water tanks, when there was no money in the department for the project and the water pipes in town were in desperate need of repair.
    The unlawful grading of Carter One, over a weekend when it was to remain natural grade.
    The arrival of Joe Mosca, and his campaign promises.
    Karen Schneider calculating homes being built on Carter One, into the accounts received, which was the equivalent of the "eggs in a basket", now catch a few chickens for lay in!
    From the Doug Hayes days of bring in CalPERS; there have been a group of residents (LLC investors) working to change Sierra Madre for a profit.

    ReplyDelete
    Replies
    1. CalPers was brought in way before Doug Hayes was around.............mid to late 70's

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    2. True. Though it has grown into quite a monster.

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  11. Don't fret about water bond, library relo or CalPERS issues. Soon we'll have a fat tax increase that will fix everything.

    ReplyDelete
    Replies
    1. Will we be told it will save the Library?

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    2. They'll say anything.

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  12. Azusa: end of the GOLD Line for Bart Doyle!

    ReplyDelete
    Replies
    1. More proof that shenanigans don't pay.

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  13. United States Government admits wiretapping Paul Manafort's phone, before and after 2016 Election.
    Facebook,Google,Untied State's government...Orwellian.

    ReplyDelete
    Replies
    1. All Trump traitors belong in Guantanamo. Thank God the Feds have their eye on them.

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    2. Manafort will end up testifying for the prosecution. It will known as "The Art of the Squeal."

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  14. Quality articles or reviews is the main to be
    a focus for the users to pay a quick visit the website, that's what this site is providing.

    ReplyDelete
  15. The "Fed's" are watching YOU.

    ReplyDelete
    Replies
    1. Cool. They can see the big thumbs up I am giving them for bagging the Trump Traitors.

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    2. well you probably voted for the Partiot Act the other time you were in a panic

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  16. State Centric System; Healthcare.

    ReplyDelete
  17. Major Earthquake 7.1, hits Mexico City moments ago.

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  18. 10:45am. Not true. The Council was introduced to CalPERS by Doug Hayes, Sierra Madre for years had it's own retirement for employees.
    Without much discussion or having the Director of Finance study the various choices; the Council passed this new form of retirement with a 4 to 1 in favor of change over to CalPERS the form of retirement that is now gripping this town in finicial hardships.

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    Replies
    1. In what year did that occur?
      Who voted in favor vs. against?

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    2. The City of Sierra Madre had CalPers as a retirement since early in the 1970's so you are wrongo dongo on you idea that Doug Hayes introduced PERS to the City Council is wrongo dongo... stick to facts, not fake news!!!!

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  19. I counted 10 carved open and repaired water leaks on one block of Fairview this morning. Look around town and see the square/rectangle cut, patch and re-pave jobs are in your area. There are leaks everywhere and our water department can't keep up. The bonds are one issue but our aging, crumbling infrastructure is surely another.

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    Replies
    1. According to the City Manager .22c out of every water fund dollar goes to pay for debt. Trust me, the issues are connected.

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  20. Check your facts please.............the City entered into a PERS agreement way before Hayes was on the Council.

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  21. History of the City in CalPERS
    The City of Sierra Madre first entered into a contract with CalPERS on September 1,
    1962. There have been a number of amendments over the years. Some were instituted
    by the City, generally as a result of collective bargaining, others by CalPERS due to
    changing legislation. The most current contract with CalPERS is attached, as well as
    “CalPERS at a Glance” for quick facts on pension, investments, and health from
    CalPERS.

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  22. Doug Hayes was 12 years old at the time the City of Sierra Madre entered into its first PERS contract, I don't think the City Council at that time listened to him very much since he did not even live in Sierra Madre at that time.

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  23. I don't think you can hold Doug responsible for CalPERS. Besides, isn't the water bond mess enough?

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  24. What I find amazing, is that our city manager felt the need to respond to the brain trust that is the tattler. But I trust he's smart and realized that you shouldn't feed the monkeys, as sooner or later, they will fling their poop on you too.

    ReplyDelete
    Replies
    1. Obviously you are not familiar with The Tattler Creed. It states that any city official that practices transparency to the point that they will actually give information to this blog has complete immunity. Even if I don't agree with what he or she has to say. The reason this blog even exists was to battle City Hall secrecy. I think we are now seeing a better day.

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  25. Bart Doyle cost the city of Sierra Madre $250,000.00 in legal fees that they had to pay Susan Brant Holly when she sued the city (Margaret Buckner was the plaintiff) for not following the law on removing historical structures from the Cultural Heritage list. There is California state law now based on this outcome. Bart and his followers on the City Council did not want to do the proper house by house CEQA study of appropriateness for these historical listings and just delisted them. Margaret (and Friends of Sierra Madre) sued, hired Susan Brandt Holly and won. THEN the city went back and did a legal job of delisting all these historical properties and you can see we have been fighting to save historical homes (with a catastrophic failure with the Darling House) ever since. Bart was at the heart of this disaster. One of many. Also, he personally paid a $5,000.00 fine for voting on lighting on Baldwin that benefited his home there. Conflict of interest vote/fine. If he is reading this he will know who know this information. Memmory runs deep in this town.

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  26. It is time to follow the bouncing ball concerning California cities or towns falling onto hard times with bankruptcy http://www.sfgate.com/sfchronicle-premium/bayarea/article/Town-tapped-out-Moraga-s-fiscal-crisis-shocks-12199104.php?t=c580c67342&utm_content=sfg_ap_zonec_pr_v1&ipid=sfgapprreccos#photo-14109839

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  27. I'm not sure where you are getting your information, but great topic.
    I needs to spend some time learning much more or understanding more.

    Thanks for fantastic info I was looking for this information for my mission.

    ReplyDelete
    Replies
    1. March forward with great alacrity, bold reader!

      Delete

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