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Cities issue a flood of bonds in the face of proposed state money-grab

Mar 12, 2011 9:18:38 PM- latimes.com
As the Legislature weighs Gov. Jerry Brown's plan to shutter all redevelopment agencies and divert their funds, municipalities rush to secure money through bonds — $700 million in the last two months.

State Treasurer Bill Lockyer released data Friday that confirmed what many local government watchers have known anecdotally for weeks: local officials went on a municipal-bond selling spree in the first two months of this year, desperate to gather as much money as possible in case Gov. Jerry Brown succeeds in his plan to eliminate redevelopment agencies. And some paid a premium to do it.

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