Big Bear Lake City Council To Re-Examine Improvement Agency Bond Issuance

Big Bear Lake, CA, June 17, 2011, noon – In Sacramento the State Legislature adopted a Budget that includes a trailer bill that eliminates redevelopment agencies as we know them today, now the Big Bear Lake City Council will have to re-examine an Improvement Agency bond issuance.  Recently, the Council and Agency had decided to issue approximately $16.5 million in Improvement Agency bonds. This non-City debt would’ve been used to fund public improvement and infrastructure projects throughout the City. The proposed action to eliminate redevelopment agencies will result in these locally generated funds being diverted to the State for other general public purposes and services.  Without those funds generated through the Improvement Agency, the City will not be able to fund the projects as planned. A presentation will be provided at a future Council meeting in which the public is encouraged to attend and take part.  If you cannot attend the meeting in person, watch the Council Meeting on Channel 97 or on-line at www.citybigbearlake.com.

[audio:https://kbhr933.com/wp-content/uploads/SP30830.mp3|titles=Improvement Agency ]