Friday, December 10, 2010

Do the math

The Encinitas city council lends to deadbeat developers at 4.5%:

The council approved 5-0 to authorize an agreement with Pacific Coast Properties to clean up the [Quail Gardens crack den] property and appropriate $35,000 from the city's general fund to cover the costs and file a lien on the property for that amount plus 4.5 percent interest.

... and gives city workers a guaranteed 7.75% annual return forever on their pensions.

If a bank charged borrowers only 4.5% interest and paid out 7.75% on investments or deposits, that bank wouldn't be in business very long. Why can't our city council do basic math?

No comments:

Post a Comment