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Montebello Ca Finances

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NEWS
December 30, 1994 | JONATHAN PETERSON and STEVE EAMES, SPECIAL TO THE TIMES
If Orange County's bankruptcy is a financial train wreck, then modest Montebello--for years a suburban steppingstone into the middle class of Southern California--is one of the most badly injured passengers. The ethnically mixed community of 60,000, which some locals call the "Beverly Hills of East Los Angeles," now is struggling to sidestep its own fiscal disaster.
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CALIFORNIA | LOCAL
June 25, 1996
Montebello officials are considering dissolving the city's 74-year-old fire department in an effort to cover a $3-million budget deficit. A budget advisory group recently suggested a report on the cost and benefits of contracting fire protection services from Los Angeles County, an option many of the city's own firefighters have supported. The City Council decided against requesting such a report in January, in the hopes that the department could survive this year's cuts.
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NEWS
December 14, 1994 | JAMES F. PELTZ, TIMES STAFF WRITER
Standard & Poor's slashed investment ratings on $31 million in notes issued by Montebello to speculative-grade status Tuesday because much of the city's cash is tied up in Orange County's now-frozen investment pool. S&P cut its rating on Montebello's $25 million of taxable notes--which come due Dec. 30--to its lowest possible grade for such securities, SP-3. That signals the firm's belief that it is speculative whether Montebello can repay the principal and interest due on the notes.
CALIFORNIA | LOCAL
March 7, 1996
The Montebello City Council on Tuesday raised golf course fees and locked up prime starting times on weekends. "While not liking the fee increase or policy change, the Men's Golf Players Club decided it was something they could support in exchange for the benefit of having permanent starting times," said assistant city administrator Steve Blancarte. As of May 1, only members of the Men's Golf Players Club will be able to play weekends between dawn and 11 a.m.
CALIFORNIA | LOCAL
January 18, 1996
Prisoners aren't expected to feel like guests in a hotel, but wardens these days may be behaving more like innkeepers, worrying about their occupancy rates and profit margins. At least in Montebello. The City Council on Tuesday approved "privatization" of the newly renovated jail that had been out of commission since the early 1980s because of escalating costs. Montebello police have been paying $50 a head to book people at the Monterey Park jail--or nearly triple that price at L.A. County Jail.
NEWS
December 11, 1994 | STEVE EAMES, SPECIAL TO THE TIMES
Although Montebello and Claremont have large chunks of money tied up in Orange County's frozen investment fund, officials for the cities say they have enough cash to handle day-to-day expenses. Lured by a high rate of return, Montebello and Claremont have been investing in the Orange County pool since 1991. Montebello has $47 million--60% of the city's investment portfolio--in the fund, while Claremont placed nearly half of its $12 million investment funds in the pool.
NEWS
December 29, 1994 | STEVE EAMES, SPECIAL TO THE TIMES
The beleaguered city of Montebello received a $14-million infusion Wednesday from the bankrupt Orange County investment pool, clearing a major hurdle in the city's effort to ease a financial crisis spawned by its investments in the county fund. The payment, which was approved by two creditors committees and the county's bankruptcy attorneys, was a key part of the city's plan to avoid defaulting on a $25.6-million note payment due Friday.
CALIFORNIA | LOCAL
June 25, 1996
Montebello officials are considering dissolving the city's 74-year-old fire department in an effort to cover a $3-million budget deficit. A budget advisory group recently suggested a report on the cost and benefits of contracting fire protection services from Los Angeles County, an option many of the city's own firefighters have supported. The City Council decided against requesting such a report in January, in the hopes that the department could survive this year's cuts.
NEWS
January 5, 1995 | STEVE EAMES, SPECIAL TO THE TIMES
While officials in other local governments point fingers and look for scapegoats in the failure of Orange County's investment pool, Montebello City Council members say they have no regrets about having put $47 million into the fund. The five council members, who had maintained a solid front of silence after the city became engulfed in the crisis last month, spoke up at a council meeting late Tuesday. Their aim, they said, is to keep providing quality police, fire and other services.
CALIFORNIA | LOCAL
March 7, 1996
The Montebello City Council on Tuesday raised golf course fees and locked up prime starting times on weekends. "While not liking the fee increase or policy change, the Men's Golf Players Club decided it was something they could support in exchange for the benefit of having permanent starting times," said assistant city administrator Steve Blancarte. As of May 1, only members of the Men's Golf Players Club will be able to play weekends between dawn and 11 a.m.
CALIFORNIA | LOCAL
January 18, 1996
Prisoners aren't expected to feel like guests in a hotel, but wardens these days may be behaving more like innkeepers, worrying about their occupancy rates and profit margins. At least in Montebello. The City Council on Tuesday approved "privatization" of the newly renovated jail that had been out of commission since the early 1980s because of escalating costs. Montebello police have been paying $50 a head to book people at the Monterey Park jail--or nearly triple that price at L.A. County Jail.
NEWS
January 5, 1995 | STEVE EAMES, SPECIAL TO THE TIMES
While officials in other local governments point fingers and look for scapegoats in the failure of Orange County's investment pool, Montebello City Council members say they have no regrets about having put $47 million into the fund. The five council members, who had maintained a solid front of silence after the city became engulfed in the crisis last month, spoke up at a council meeting late Tuesday. Their aim, they said, is to keep providing quality police, fire and other services.
NEWS
December 30, 1994 | JONATHAN PETERSON and STEVE EAMES, SPECIAL TO THE TIMES
If Orange County's bankruptcy is a financial train wreck, then modest Montebello--for years a suburban steppingstone into the middle class of Southern California--is one of the most badly injured passengers. The ethnically mixed community of 60,000, which some locals call the "Beverly Hills of East Los Angeles," now is struggling to sidestep its own fiscal disaster.
NEWS
December 29, 1994 | STEVE EAMES, SPECIAL TO THE TIMES
The beleaguered city of Montebello received a $14-million infusion Wednesday from the bankrupt Orange County investment pool, clearing a major hurdle in the city's effort to ease a financial crisis spawned by its investments in the county fund. The payment, which was approved by two creditors committees and the county's bankruptcy attorneys, was a key part of the city's plan to avoid defaulting on a $25.6-million note payment due Friday.
NEWS
December 14, 1994 | JAMES F. PELTZ, TIMES STAFF WRITER
Standard & Poor's slashed investment ratings on $31 million in notes issued by Montebello to speculative-grade status Tuesday because much of the city's cash is tied up in Orange County's now-frozen investment pool. S&P cut its rating on Montebello's $25 million of taxable notes--which come due Dec. 30--to its lowest possible grade for such securities, SP-3. That signals the firm's belief that it is speculative whether Montebello can repay the principal and interest due on the notes.
NEWS
December 11, 1994 | STEVE EAMES, SPECIAL TO THE TIMES
Although Montebello and Claremont have large chunks of money tied up in Orange County's frozen investment fund, officials for the cities say they have enough cash to handle day-to-day expenses. Lured by a high rate of return, Montebello and Claremont have been investing in the Orange County pool since 1991. Montebello has $47 million--60% of the city's investment portfolio--in the fund, while Claremont placed nearly half of its $12 million investment funds in the pool.
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