Local governments use program to avoid tax grab by state - DailyBulletin.com:
"Inland Valley cities are turning to a joint powers authority to help them overcome a tax grab by the state.
Because of its budget woes, California is borrowing about 8 percent of each local government's property tax revenues.
California Communities will issue bonds and make the state repay those bonds in the future, said Richard Watson, California Communities operations manager.
The enrollment deadline for the program is Friday.
'Having a third party step up and fill the gap for us is a benefit to us. That way we don't have to use reserves,' Upland City Manager Robb Quincey said. 'That way we can keep our protection in place in the event of something worse happening like a natural disaster.'"
"Inland Valley cities are turning to a joint powers authority to help them overcome a tax grab by the state.
Because of its budget woes, California is borrowing about 8 percent of each local government's property tax revenues.
California Communities will issue bonds and make the state repay those bonds in the future, said Richard Watson, California Communities operations manager.
The enrollment deadline for the program is Friday.
'Having a third party step up and fill the gap for us is a benefit to us. That way we don't have to use reserves,' Upland City Manager Robb Quincey said. 'That way we can keep our protection in place in the event of something worse happening like a natural disaster.'"
