Apparently the money is there and that would not be a problem. Here is how this news reads in the Staff Report for Tuesday's City Council meeting.
In case you have ever wondered about such a thing, the City of Sierra Madre owes an incredible amount of money to CalPERS. Something to the tune of $28.5 million big ones, with $14.9 million of that in interest payments alone. Just in case you're wondering why the city cannot afford to buy nice things.
The hilarious part of this is that by making a $5 million dollar prepayment on its vast CalPERS debt, a non negotiable financial obligation that could at one point actually threaten the solvency of Sierra Madre's government agency, the city would actually be putting itself into the position of saving some money.
You might recall the old XTC song, "We're Only Making Plans for Nigel." Kind of reminds me of that somehow. Here is a link.
All of which could make you wonder this. Does City Hall exist to take care of the needs of the residents of the Foothill Village, or merely see to the requirements of those working there?
Apparently the correct answer is the latter one. A link to all of this exciting news is found here.