hahahaha F'ing CA Imbeciles

[regor]

What happens when your state or city has massive unfunded pension liabilities, no direct access to the Fed's money printer and can't tax your state any further because you're driving people out in droves?


You take on more debt, using whatever you can think of as collateral.
California Cities Using Their Streets As Collateral To Pay Down Pension Liabilities With Debt

Such was the case in West Covina this July, where the city is paying off its $205 million debt to CalPERS by issuing bonds using its city streets as collateral, according to Forbes. The city of Torrance has done the same thing; it will issue $350 million in bonds using its streets as collateral, as well.


Both cities are using something called "lease revenue bonds" which means that:

Torrance and West Covina are each using these bonds to, in principle, lease their city streets to a special Financing Authority, which will pay the city their up-front money, and “rent” the streets back to the city for the 25 year term of the agreement, in order to pay off the bonds.

www WhenDumbFucksVote .com...........

 

[94Nautique]

What happens when your state or city has massive unfunded pension liabilities, no direct access to the Fed's money printer and can't tax your state any further because you're driving people out in droves?


You take on more debt, using whatever you can think of as collateral.
California Cities Using Their Streets As Collateral To Pay Down Pension Liabilities With Debt

Such was the case in West Covina this July, where the city is paying off its $205 million debt to CalPERS by issuing bonds using its city streets as collateral, according to Forbes. The city of Torrance has done the same thing; it will issue $350 million in bonds using its streets as collateral, as well.


Both cities are using something called "lease revenue bonds" which means that:




www WhenDumbFucksVote .com...........


View attachment 922951

Which one is Peter and which one is Paul?

 

[Carlson-jet]

Out here we call them Toll roads.
They never go away or are maintained properly.

 

[500bbc]

Which one is Peter and which one is Paul?

Don't you mean which ones Rod a d which ones Jen?

 

[LargeOrangeFont]

So do the roads get repossessed for non payment?

 

[redone76]

Dammit...I live in West Covina

 

[Backlash]

Gotta pay to play!

 

[Performance Grips]

F'N genius. And people keep voting for the same way?

 

[RodnJen]

They are typically issued to avoid the voter approval process. They have been out of favor for years, but it looks like there is new found interest.

 

[Performance Grips]

They are typically issued to avoid the voter approval process. They have been out of favor for years, but it looks like there is new found interest.

Weak democratic leadership. Down play it as much as you think people will believe but total incompetence as usual by the democratic party.

 

[RodnJen]

Weak democratic leadership. Down play it as much as you think people will believe but total incompetence as usual by the democratic party.

Not a fan of these deals. It’s not unique to dem leadership. Try to keep up. If you have any question, let me know.

https://torrance.granicus.com/MetaViewer.php?view_id=8&clip_id=13702&meta_id=317184

 

[Performance Grips]

Not a fan of these deals. It’s not unique to dem leadership. Try to keep up. If you have any question, let me know.

https://torrance.granicus.com/MetaViewer.php?view_id=8&clip_id=13702&meta_id=317184

Oh. I can keep up. Trust me. I usually don't engage in stupidity. But I constantly see u getting your ass handed to you.

 

[regor]

Not a fan of these deals. It’s not unique to dem leadership. Try to keep up. If you have any question, let me know.

https://torrance.granicus.com/MetaViewer.php?view_id=8&clip_id=13702&meta_id=317184

Not unique, but the norm for Dem's who controlled the state for decades AND R's can be power hungry imbeciles also Jen!!!

 

[AntiBormac]

Not a fan of these deals. It’s not unique to dem leadership. Try to keep up. If you have any question, let me know.

https://torrance.granicus.com/MetaViewer.php?view_id=8&clip_id=13702&meta_id=317184

successful & effective correct ms jen?

 

[Lavey29]

I honestly hope Trump will not bail out these failed shithole socialist states with another covid relief package. I know he will have to bargain with crazy nancy to get some financial help to struggling small businesses and poor individuals who lost their jobs but I dont want to see trillions going to bail out these long time socialist controlled utopias

 

[samsah33]

This is actually good news. Accounting rules for both private/public companies and governmental entities allow companies and entities to keep unfunded pension liabilities ($1 trillion+ in CA) off their balance sheets, which means this pyramid scheme generally does not get reported or discussed, nor is it included in CA's surplus/deficit #'s. Bonds are a different story and they do need to get recognized and reported on balance sheets. Collateralizing the streets for these bonds means that these municipalities are converting off-balance sheet debt (unfunded pension liabilities) to actual debt, which will hopefully lead to greater awareness...

This is exactly why Trump does not want to give aid to certain blue states, he knows that they will use the aid to fund pensions.

 

[Lavey29]

This is actually good news. Accounting rules for both private/public companies and governmental entities allow companies and entities to keep unfunded pension liabilities ($1 trillion+ in CA) off their balance sheets, which means this pyramid scheme generally does not get reported or discussed, nor is it included in CA's surplus/deficit #'s. Bonds are a different story and they do need to get recognized and reported on balance sheets. Collateralizing the streets for these bonds means that these municipalities are converting off-balance sheet debt (unfunded pension liabilities) to actual debt, which will hopefully lead to greater awareness...

This is exactly why Trump does not want to give aid to certain blue states, he knows that they will use the aid to fund pensions.

Not sure about pension debt not showing on their balance sheets. What I've read previously is that it affects their credit rating which means they end up having higher interest rate and borrowing.

 

[RodnJen]

Not sure about pension debt not showing on their balance sheets. What I've read previously is that it affects their credit rating which means they end up having higher interest rate and borrowing.

He’s right, it is GASB 68. It only requires the liability be disclosed as a footnote. I believe it wasn’t required at all before 2012.

The lease revenue bonds would show up as a liability but only the amount issued. The pension liability may actually be higher but that is easy to determine. It is not a bad strategy as long as the market doesn’t move against them. I’ve always found it to be a bit of a gamble but at today’s rates, it is attractive.

 

[Lavey29]

Ok, it's out of my skillset but hiding the liability is like kicking the can down the road that is leads to a dead end. Probably sooner then later too.

 

[was thatguy]

Ok, it's out of my skillset but hiding the liability is like kicking the can down the road that is leads to a dead end. Probably sooner then later too.

It’s a race to the finish on many many levels.

 

[Lavey29]

It’s a race to the finish on many many levels.

Unfortunately it's the same for social security also.

 

[Danger Dave]

So when they default you will need to pay a toll to drive down your street?

 

[AntiBormac]

What happens when your state or city has massive unfunded pension liabilities, no direct access to the Fed's money printer and can't tax your state any further because you're driving people out in droves?


You take on more debt, using whatever you can think of as collateral.
California Cities Using Their Streets As Collateral To Pay Down Pension Liabilities With Debt

Such was the case in West Covina this July, where the city is paying off its $205 million debt to CalPERS by issuing bonds using its city streets as collateral, according to Forbes. The city of Torrance has done the same thing; it will issue $350 million in bonds using its streets as collateral, as well.


Both cities are using something called "lease revenue bonds" which means that:




www WhenDumbFucksVote .com...........


View attachment 922951

Sir don’t you live in califas?

 

[regor]

Sir don’t you live in califas?

Yea, but I have ways to get those taxes back and will be here only as long as my mom and in-laws are alive. I won't leave them alone.

 

[AntiBormac]

Yea, but I have ways to get those taxes back and will be here only as long as my mom and in-laws are alive. I won't leave them alone.

are you using the jen and lil rod tax evasion plan sir? I know you’re against taxes so that makes sense, how jen n lil rod love liberals and liberal taxes, and vote for tax hikes then refuse to pay their fair share is beyond me.

good job taking care of the family