West Covina City administrators Friday warned that a recent decision in Sacramento Superior Court could result in the state raiding nearly all of West Covina’s $12 million cash reserve. In an Article written in the The San Gabriel Valley Tribune it was written:
The city [of West Covina] filed a lawsuit in May in an attempt to block the state from invalidating more than $26 million in loan payments, as well as seizing $11.5 million in loan payments made to the city in the months leading up to the elimination of redevelopment agencies by the state on Feb. 1 of last year, West Covina officials said.
But in a Feb. 25 ruling, Judge Michael Kenny ruled against the city of West Covina and found that although the city’s loan agreements with its former redevelopment agency were legal and proper, the legislation disbanding redevelopment agencies has the authority to retroactively undo the contracts, city officials said in a written statement issued late Friday
You might remember that this is the same Judge that heard our city’s case. A ruling in the 29 Palms case is expected April 24th. We expect the decision to be similarly devastating to the City of Twentynine Palms.
The writing is on the wall folks. Bye Bye Project Phoenix!
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