|"Sure Bart, I'll tell them it's my fault."|
The most bizarre part of this story is John Capoccia's claim that he is somehow responsible for much of this by not raising water rates enough the last time. Or maybe it was the time before, or the one previous to that. It's hard to keep track.
I suppose in a kind of goofy way this could be seen as taking some responsibility for things, but why would John want to throw himself under the bus for something that happened way before his time on the City Council?
Perhaps an adequate rate hike in the past would have been politically feasible had Capoccia given the ratepayers the entire story? Rather than providing cover to those actually responsible for the dire financial and physical condition of the water enterprise?
Sure the pipes are bad. Quite obviously so. But don't you think that those who are now being forced to pay more for water to fix them should also be told why that is, and who was actually responsible?
Once again the opportunity to clear the air on the responsibility question, and why exactly they did it, has been suppressed. Instead the following convoluted and ultimately uninformative story, which is now being peddled in the city's taxpayer funded weekly adjudicated newspaper as well, was given to those who will now have to cough up the cash.
Should anyone on the City Council ever care to inform the residents of Sierra Madre about why they have once again been manipulated into paying more for water without being given the actual reasons, here is a good place to start.
On its 2003 series water bonds, from the years the 2004 up to this moment in time, the City of Sierra Madre paid only the interest on the principle amount of $6,750,000. The total amount paid in these interest only payments comes to $5,306,979. Money that could have gone to perform necessary maintenance on the city's water system, but was instead sent to banks in New York for no apparent reason outside of the inability of those who took out this bond to make adequate payments.
Basically that $5 million was flushed down Sierra Madre's at-risk sewers.
So why was this done, and who was responsible? Don't you think you have a right to know? Don't you also have a right to know why you haven't been told by those whose responsibility it is to do so?