Declaring War … Phony Land Values and Early Arena Bond Sales

Published on Thursday, 02 January 2014 03:37

Declaring War

Phony Land Values and Early Arena Bond Sales

by Craig Powell

On Dec. 10, the city of Sacramento effectively declared war on the arena initiative, the measure that would give voters the final say on any taxpayer subsidy of a sports arena. A mere six hours after supporters of the initiative submitted 34,000 petition signatures to the city clerk to secure a spot for the initiative on the June 3 primary ballot, city treasurer Russ Fehr appeared before the city council to reveal a stunning new city strategy to unhorse the measure. Fehr said that the city now intends to accelerate the sales date of the proposed $300 million arena bond from next summer, as originally planned and long touted, to just 14 days before June 3 election.

Why is the city now rushing to sell the bonds in May and not this summer as originally planned?

Because under California law, a ballot initiative cannot dislodge a pre-existing obligation of the city, even if the initiative qualifies for the ballot before the city incurs the obligation.

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