Monday night's Lawndale City Council meeting was pretty peaceful -- except when the dreaded "bond" word came up.
It was brought up by staff who wanted to open up the option of using Tax Allocation bond money to pay for part of the planned new community center, and the council approved it 5-0. It does not mean that TA bonds will be used, it just gives the city the option to use them down the line. And, TA bonds are different from General Obligation bonds. They don't require a ballot vote, and the money comes from existing property taxes.
But, several residents at the meeting were angry at the idea. One resident told the council: "As far as this bond is concerned, you can put it right there in that wastebasket where it belongs."
The community center was approved by about 75 percent of voters in an April ballot measure, with the promise that taxes won't be raised to pay for it. And the city maintains that taxes won't be raised for it and, in fact, staff is trying creative ways to finance it without drawing from the General Fund.
For one thing, the city has a Washington D.C. lobbying looking for ways to earmark some federal funds for the center.
The TA bonds are simply another pot of existing money to draw funding from, City Manager Keith Breskin said. "We have 8 or 9 different financing options. We do have the money now, but it may be more fiscally responsible to diversify where we get the money from," he said.
At any rate, the TA bonds were perplexing enough that the city will hold a Tax Allocation bond study group at 6:30 p.m. on October 27. Anyone who is interested in going should call the city at 310-973-3200.
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