|
|
Article: L.A. County diverts Marina del Rey revenue to balance budget for year. (Los Angeles County, California)
- Article from:
- Los Angeles Business Journal
- Article date:
- May 31, 1993
- Author:
CopyrightCOPYRIGHT 1993 CBJ, L.P. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
In order to pay its bills through June 30, Los Angeles County last week diverted future revenues from its largest cash-producing asset -- Marina del Rey -- in a byzantine bond financing, said county officials.
Using a sometimes controversial municipal financing tool called a "certificate of participation," L.A. County on May 25 sold the 800 acres known as Marina del Rey to a county-controlled nonprofit corporation, according to senior deputy county counsel Mark Saladino. It then immediately repurchased it, with payments to be made over the next 14 years.
"We needed this to cover a cash deficit. The financing is secured by revenues to the county produced by the ...