When a municipality borrows money for a public project, like a new road or bridge, it typically issues a general obligation bond, often after getting voter approval. March 20, 2019 . “These are streets that haven’t been paved in 20 years.”. When she got admitted at St. Jude, it would have been wonderful for her to be admitted at our hospital so that we could have been there with her. Full Story. 57°--Afternoon. (Photo courtesty of West Covina), “Before she died, I Facetimed with her,” said coworker Juliet Baltazar, who knew Baclig for more than 30 years. Nationwide, cities and states issued $6.1 billion in pension obligation bonds in 2020, more than in any year since 2008, according to data compiled by Municipal Market Analytics, a research firm. Yesterday at 5:41 PM . Your localized Biking weather forecast, from AccuWeather, provides you with the tailored weather forecast that you need to plan your day's activities “We knew, my mom knew, too, that was where she would feel comfortable. “Every night I was able to share something about my mom’s life, something different every time,” Aubrey said. Novel ways to do so include renting property they already own under dummy corporations. That’s an extraordinary rate in today’s environment, but CalPERS uses it because that’s the return that the pension system projects it will, on average, earn on its investments. WEST COVINA, CA — Effective immediately, the West Covina Post Office has been temporarily closed due to damage caused by water leakage. It gets murkier when municipalities use West Covina’s approach. Few towns have cash just sitting around these days, but they can borrow it long term from investors, with maturities so far in the future that it feels like free cash. West Covina Post Office temporarily closed due to structural damage. West Covina is a suburban city in Los Angeles County, California, located 19 miles (31 km) east of Downtown Los Angeles in the eastern San Gabriel Valley and is part of Greater Los Angeles.The population for the city was 106,098 at the 2010 census. She really loved her work family. The unidentified victim was hit at about 7:25 p.m. at the Vincent Avenue South on-ramp on the westbound San Bernardino (10) Freeway. Her peers recalled Baclig as a dedicated, compassionate healthcare worker and a motherlike figure who offered guidance to new nurses, encouraged them to continue their education — and always made sure everyone had something to eat. The caravan memorial was on Saturday, Feb. 13. But as with any strategy based on long-term assumptions, there is risk. Their attorneys will go laughing to the bank.”. Antoinette McDaniel, labor representative for the California Nurses Association, said the pandemic has taken its toll on healthcare workers. WEST COVINA, Calif. -- A homeless woman is accused of abandoning her newborn baby in a bathroom at a West Covina Subway on Monday. And she misses her teammate. On Jan. 22, Baclig became the first nurse from Queen of the Valley to die from COVID-19 complications. Like many city pension plans that CalPERS manages, West Covina’s is only partly funded. We invite you to use our commenting platform to engage in insightful conversations about issues in our community. Another 50 people participated in a Zoom vigil that day. West Covina expands PD $900,000 claim against San Dimas City of Industry ‘man cave’ lawsuit End of library fines News Crime and Public Safety News News … It didn’t work out that way.”. A pedestrian was fatally struck by at least one vehicle on the westbound San Bernardino (10) Freeway in West Covina. Find the perfect West Covina, California stock photos and editorial news pictures from Getty Images. To Itself. Post was not sent - check your email addresses! “It boggles my mind that anyone would buy these bonds,” said Jessica Shewmaker, who was a member of West Covina’s City Council when an investment banker pitched the idea last year as a way to cover a $1.2 million monthly bill from the California Public Employees’ Retirement System, or CalPERS. Amelia Baclig, a nurse at Queen of the Valley Hospital in West Covina, died from complications from COVID-19 on Jan. 22. By issuing that debt, the city was able to make a lump-sum payment of about $200 million to CalPERS. “She just cared,” said Daisy Martinez, a friend and fellow nurse. Instead, Mayor Tony Wu grilled Mr. Whitworth on why he thought West Covina would have to pay 4 percent when El Monte, next door, was paying just 3.8 percent. A man was killed and two other people were wounded in a shooting in a West Covina neighborhood Monday night, police said. “There was no way I was going to miss the memorial,” said Martinez, who said she was battling fever and chills after getting her second dose of the COVID-19 vaccine just before the memorial. California news. “It boggles my mind that anyone would buy these bonds,” said Jessica Shewmaker, a former West Covina councilwoman. To Plug a Pension Gap, This City Rented Its Streets. The hospital, California Nurses Association and her family organized a three-hour car caravan memorial, featuring about 20 cars, with friends and family leaving flowers and condolences. The city issued its initial proclamation on March 16, 2020, and has been continuing it every month since then. “On a bond around $200 million, it’s a pretty good savings,” he said. Because the bond is issued by the dummy corporation, it’s often called something else — a “lease revenue bond,” in West Covina’s case — and doesn’t necessarily need voter approval. Full Story. The total public pension shortfall nationwide is about $4.7 trillion, according to Pension Tracker, a project of the Public Policy Program at Stanford University. In California, cities borrowed more than $3.7 billion to squirrel away at various public pension funds, breaking the old state record of $3.5 billion, set in 1994. That hasn’t deterred governments. Although we do not pre-screen comments, we reserve the right at all times to remove any information or materials that are unlawful, threatening, abusive, libelous, defamatory, obscene, vulgar, pornographic, profane, indecent or otherwise objectionable to us, and to disclose any information necessary to satisfy the law, regulation, or government request. “She loved her job. RELATED: Man Beaten To Death On West Hollywood Street, Suspects At Large Cities and states issued at least $6.1 billion in pension bonds last year. bondholders got about 14 cents on the dollar. west covina News Act of kindness: Mail carrier gets rain help from West Covina family Gregory Martinez spotted his mailman delivering mail in the rain in West Covina and felt he needed to … (She said) ‘If I need to go to the hospital, I need to go to Queen of the Valley.’”. By paying off most of its “loan” from CalPERS, West Covina doesn’t have to worry about the 7 percent interest, at least for now. “I got sick with COVID first,” she said. For months, West Covina Councilmember Tony Wu has been vocal about wanting to work with county health officials to make decisions that benefit the community on a local level. Man, Woman Found Dead In West Covina House Fire The fire was reported at about 1:30 a.m. in the 700 block of North Broadmoore. (Photo courtesy of Antoinette McDaniel), Friends, family and leaders in West Covina, including Mayor Letty Lopez-Viado, center, attend a car caravan memorial for Amelia Baclig, a nurse who died from complications from COVID-19, at Queen of the Valley Hospital in West Covina on Saturday. If you see comments that you find offensive, please use the “Flag as Inappropriate” feature by hovering over the right side of the post, and pulling down on the arrow that appears. Overnight. Among her favorite moments: When Baclig recreated scenes from her favorite movies, including “Coming to America.”. Breaking News Watch: Santa Clara County officials on coronavirus vaccine distribution, Jan. 15 Things To Do Entertainment ‘Crazy-Ex Girlfriend’ calls West Covina home. Today ; Hourly; Daily; Morning. We were always happy together.”. The longtime owner of a mortgage-lending business, he said it was “crazy” for CalPERS to base everything on 7 percent when real interest rates were much lower. The street rent that West Covina, a onetime outpost of citrus growers some 20 miles east of Los Angeles now engulfed in sprawl, pays the dummy corporation is essentially the money to service the debt. I can just imagine. But it’s different when a municipality borrows to cover a pension shortfall. No one demanded a projection of what might happen if CalPERS did not achieve 7 percent. The consequences of this approach became clear after Detroit declared bankruptcy in 2013 and couldn’t pay its creditors in full. west covina news stories - get the latest updates from ABC30. SGV CityWatch. “My mom has been a nurse there for almost 30 years,” Aubrey said. West Covina Man Accused Of Sexually Assaulting 10-Year-Old Foster Daughter West Covina Unified Donates 21K Masks To Local Hospital Last week, LAUSD donated 100,000 N95 masks to 10 local hospitals. The corporation then issues bonds and sends the proceeds back to the city, which sends the cash to its pension fund to cover its shortfall. David Carmany, the city manager of West Covina, … Click to share on Facebook (Opens in new window), Click to share on Twitter (Opens in new window), Click to share on Reddit (Opens in new window), Click to email this to a friend (Opens in new window), ‘Mama Amy,’ beloved nurse at West Covina hospital, dies of COVID-19 complications, Rush Limbaugh, conservative media icon, dies at 70, Larry Flynt, Hustler publisher who fought for First Amendment rights, dies at 78, ‘Chicago Seven’ activist Rennie Davis dies at 80, Dianne Durham, first Black US women’s gymnastics champion, dies at 52, Christopher Plummer, actor famed for role in ‘Sound of Music,’ dies at 91, L.A. County sheriff searches offices of LA Metro, oversight board member in criminal probe, Duarte-based City of Hope gets $100 million donation for diabetes research, LAUSD teachers’ union contemplating a refusal to return to in-person work, LA County’s vaccine mission keeps getting more complex. “I start crying and she also cried. These are the backbone of municipal finance, and come with robust guarantees — courts can force borrowers to pay, even if it means raising taxes. … Facing a $1.2 million monthly bill from California’s retirement system, West Covina issued bonds through an entity that held the city’s streets as an asset. SGV CityWatch. Yesterday at 5:43 PM. She was infected at least six weeks earlier, before she had a chance to be vaccinated. I myself, having COVID, it was just very traumatic. Accident on 10 Freeway in West Covina Pedestrian Killed W COVINA, CA, (February 07, 2021) - A pedestrian was tragically struck and killed by a vehicle on Sunday, February 7th in West Covina. Retail services are available at the following locations: South Hill Plaza Station Post Office, 1418 S. Azusa Ave. Suite D1, West Covina… That’s funny, that cracks me up. Usually, this is done with a pension obligation bond. Starved of cash by the pandemic, cities are essentially using their own property as collateral of sorts to raise money to pay for their workers’ pensions. And in Flagstaff, Ariz., a new lease agreement covers libraries, fire stations and even City Hall. 8 talking about this. Erin Jill Maloney, 37, and Richard Rapp, 34, both of West Covina, were arrested on suspicion of felony child endangerment and possession of a controlled substance. The paramedic crew didn’t have a choice; their computer directed them to St. Jude, where Baclig spent five weeks, three of them in the intensive care unit, her daughter said. “We all loved her,” she said. The City of Tucson, Ariz., decided last year to pay rent on five golf courses and a zoo — to itself. CalPERS treats the shortfall of roughly $200 million as a loan it has made to West Covina, charging 7 percent interest. When West Covina considered its deal, the city’s investment banker, Brian Whitworth of Hilltop Securities, estimated that the city would pay 4 … For almost 30 years, Amelia Baclig was known as “Mama Amy” to the team at Queen of the Valley Hospital in West Covina. (I said) ‘You’re so short of breath, I have to stop the conversation because I want you to rest so you can get better and strong and come back to work.’ We talked five minutes only.”. The last night was pretty big.”. Your localized Arthritis weather forecast, from AccuWeather, provides you with the tailored weather forecast that you need to plan your day's activities “It was putting nurses at even a higher risk because of the amount of patients that they had to care for.”, “Heroes do work there,” said Lopez-Viado. About a week after she was diagnosed with COVID-19, Baclig was taken by paramedics to St. Jude Medical Center in Fullerton. Weeks later, Streams still battles shortness of breath, low energy and body aches. “She was just very dedicated, she never complained,” Martinez said. The proposal passed, 4 to 1, with Ms. Shewmaker voting against it because she considered the plan a gimmick to avoid putting the matter before voters, who she believed weren’t likely to approve a deal that would increase West Covina’s debt sixfold. Around the country, towns and cities are increasingly embracing more aggressive investment strategies as they struggle to cover funding gaps in their pension programs. 50° Chance of Rain 2%. She was amazing,” Streams said. Two men have been arrested in connection with the disappearance and death of a West Covina man, authorities said. When West Covina considered its deal, the city’s investment banker, Brian Whitworth of Hilltop Securities, estimated that the city would pay 4 percent to borrow. “About four days later, (Baclig) called me at my hotel, telling me ‘I’m sick, too.’ She asked me the process of what does she do, how to get tested.”. “We still love her.”. “They’re going to fight us big time. West Covina adds 10 police officers, 8 staff members The police department reported 99 officers working in the department in 2018 and 2019. A few years later, in bankruptcy, Detroit tried to repudiate the $1.4 billion pension borrowing, calling it a sham transaction that used the dummy corporations to get around a legal debt limit. Many states have been trying to beef up their pension systems, which often means telling local governments to send in a lot more money. Nearly 150 called in for the final session. WEATHER ALERT High Wind Warning. This story has been updated from its original version. Sorry, your blog cannot share posts by email. “It sounds very logical, but it’s not going to happen, because the ones who have power don’t want to lose it,” he said. “I can imagine how scared she was,” Martinez said. In turn, the pension fund invests the money raised by those bonds in other assets that are expected to generate a higher return over time. It works like this: The city creates a dummy corporation to hold assets and then rents them. It’s so hard to get over it. And although most municipal debt is considered bulletproof because a government pledges to make its creditors whole in the event of a default, bonds like the ones West Covina issued don’t have that guarantee. We see the worst of the worst. “I’m not expecting that’s she going to pass away. We might permanently block any user who abuses these conditions. “It just breaks my heart. Select from premium West Covina, California of the highest quality. West Covina, CA Forecast. West Covina’s investment banker estimated that the pension bonds would save the city $45 million. … Military Humvee Stolen from Bell Facility: https://bit.ly/38Q9oAY. Recent Post by Page. These bonds attract investors — who are desperate for yield in a world of near-zero interest rates — by offering a rate of return that’s slightly higher than similar financial assets. Daughter Aubrey Joy Baclig said she and her mother wanted her to go to Queen of the Valley, but the hospital was over capacity, like so many medical centers during the relentless winter surge. BREAKING NEWS Clinica Sierra Vista pauses COVID vaccinations in Fresno. The website of the 20,000-member Government Finance Officers Association, whose stated mission is to “advance excellence in public finance,” fairly screams: “State and local governments should not issue P.O.B.s.”. Mr. Wu, now a city councilman, said the city had to borrow, because it was locked into unsustainable pension plans and CalPERS refused to negotiate easier terms. She was there always to reassure us.”, “It’s so painful for me to lose her,” Baltazar said. And a Chicago suburb, Berwyn, used “conveyed tax securitization bonds” to help fund police pensions. Be prepared with the most accurate 10-day forecast for West Covina, CA, United States of America with highs, lows, chance of precipitation from The Weather Channel and Weather.com
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