Morning Brief -- April 20, 2007
Locke or Hobbes?
- Glendalians for Mitt Romney? -- Lisa Friedman of Daily News' Washington Bureau runs the numbers on the major 2008 presidential contenders and breaks contributions down by local geography:
An analysis of the records found that close to $1 million has been given since January by donors who identified themselves as living in San Fernando Valley-area communities. And contributors who identified themselves as being from Los Angeles - which could include Valley residents - gave more than $3 million.
Valley donors gave twice as much to Democrats as to Republicans, with Clinton easily leading the field. But Republicans - particularly former Massachusetts Gov. Romney - still have found pockets of strong support.
This handy contibutions table shows Romney withdrew more than $58,000 from Glendale donors, followed by Encino and Woodland Hills with about $14,000 each. Glendale's other pick is Illinois Democratic Sen. Barack Obama, who received about $7,997 from area donors.
Burbankers favored Democrats -- New York Sen. Hillary Clinton led with about $35,000, while Obama trailed with $16,900. But Romney again led the Republican ticket here with $5,700 from donors, followed by Arizona Sen. John McCain with $2,100.
- Glendale Community College teachers finally finished drawn-out salary negotiations -- the 700 Glendale College Guild members will be getting up to a 7.5 percent raise for the current school year. News Press. That leaves Glendale Unified School District and the Glendale Teachers Association still stuck in salary talks -- and with a state mediator involved.
- City of Glendale reminds us a blood drive will be held Sunday, April 22, as Glendale’s Week of Remembrance activities continue. The blood drive will be held from 11 a.m. to 5 p.m., at Saint Mary’s Church, 500 E. Central Avenue. The one day event is being put on in coordination with the American Red Cross. For an appointment call (818) 243-3444.
- The Times noted sub-prime lender WMC Mortgage in Burbank is cutting another 771 jobs.
- Bond rating news! -- Burbank Public Financing Authority's revenue bonds, 2007 series A (Golden State Redevelopment Project). Excerpt:
SAN FRANCISCO--(BUSINESS WIRE)--Fitch assigns an 'A' rating to $53.9 million of Burbank Public Financing Authority, CA's revenue bonds, 2007 series A (Golden State Redevelopment Project). The bonds are scheduled to sell via negotiation with E.J. De La Rosa & Co., Inc. and Wedbush Morgan Securities on April 25. The Rating Outlook is Stable. Authority bonds are secured ultimately by tax increment revenue from the Redevelopment Agency of the City of Burbank's (the agency) Golden State Redevelopment Project Area. A portion of the bonds utilize a cross-over structure, in which part of the debt service will be paid by a government securities escrow though Dec. 1, 2013.The 'A' rating reflects the good debt service coverage and strength of pledged revenues, the project area's maturity, its strategic location in Burbank and within the Los Angeles County and the strong disincentive to further leverage project area tax increment. Credit risks are centered in the project area's large proportion of unsecured property and the low property tax collection rates. The concern regarding unsecured property is somewhat mitigated because the project area includes the Bob Hope Airport (Fitch rated 'AA-') and the majority of the unsecured property consists of commercial and private jets. Prospects for continued growth in secured assessed valuation (AV) are very good, although total AV growth will be moderated since unsecured AV is subject to depreciation, market values and mobility. Legal protections are strong, including the additional bonds tests of 1.25 times (x) maximum annual debt service (MADS) on senior and subordinate obligations. However, issuance of additional bonds would require a project area amendment triggering sizeable tax-sharing requirements offsetting much of the gain.