$3,000,000.00 Bond Purchased by GT

The City of Grand Terrace has purchased $3,000,000.00 in Government Bonds. This is money held by the City of Grand Terrace which was borrowed in excess of funds needed to pay off more costly loans. Now is this Redevelopment Funds, or City of Grand Terrace Funds one would have a difficult time knowing as the funds appear to be commingled, with actual city expenditures, and CRA expenditures being written from the same account. By who's action was the investment in bonds made? This was not discussed, at a Council Meeting was it?

What is the real need for the City to be in debt, to then go and pruchase dept bonds, and pay interest on the money the city owes? This may be a way of minimizing the loss of having a dept. How about paying off the debt balance and reducing the principal owed on our debt and therefore interest expense. How about liquidating the city assets at fair market value to the highest open bidder, rather than back room closed meetings. Get the City out of the "Redevelopment" of Private Property business. Particularly any business which is not done in the open, with fair bidding practices required.