If you notice item 12 on the Fullerton City Council agenda for Tuesday, good for you. It means you have pondered other idiocies – from the moronic CSUF “College Town” boondoggle through the closed session legal embarrassments involving Chief Danny Hughes and his goons in blue.
Which is a nice segue back to item 12. According to staff the City’s insurance well is dry due to a couple of big payouts in 2012. That’s bad news because now the City will have to issue a big chunk of debt so that the FPD payouts can proceed apace and Garo Mardirossian can get that 2014 Ferrari.
Of course the cash, raised by the sale of bonds will cost the General Fund a nifty $500,000 a year for the next couple of decades. City Manager Joe Felz will be enjoying his massive pension by then, so who the Hell cares, right?
Ironically, the cases of Veth Mam, Trevor Clarke, Edward Quinonez and Ron Thomas will drain the coffers yet again, requiring even more debt for fiscal year 14-15. The staff report says we need to protect Fullerton’s credit rating by issuing new debt. That’s a creative argument. I think we could protect Fullerton’s credit rating by eliminating the Culture of Corruption.