ICE HOUSE FEATURES BRUCE BRUCE SEE PAGE 2
Pasadena Press pasadenapress.com
MONDAY, FEBRUARY 16, 2015 - FEBRUARY 22, 2015
Pasadena’s Risky Pension Obligation Bonds Will Soon Come Due by nick kipley
Terry Tornak, head of the Finance Committe
The Finance Committee met this past Monday in City Hall to discuss repayment on $122.5 million dollars’ worth of Pension Obligation Bonds that are coming due in May of this year. POBs are bonds issued by a municipality in order to generate enough capital to pay the pension obligations of re-
tired city employees. When the bonds come into maturity they can either be refunded so that the city can make annual payments on them, or they can be paid off all at once if the city has raised the money in the time it took the bond to mature. These specific types of bonds have become notorious
PARENTS URGED TO VACCINATE FOR MEASLES SEE PAGE 4
– Photo by Terry Miller
in recent years for very rapidly bankrupting large California cities such as Oakland, San Bernardino, and Stockton. Critics of using bonds to pay off debt claim that POB’s offer a shortterm fix to a long-term problem given it allows politicians to take
VOLUME 2, NO. 7
City Manager Appoints New Health Officer for Pasadena City Manager Michael J. Beck Monday announced the appointment of Dr. Ying-Ying Goh as the City’s new Health Officer. Prior to her new role, Dr. Goh served as Pasadena’s Interim Health Officer from May 2014 to January 2015. Since 2011, she has been the Pasadena Public Health Department’s Medical Director for Programs and Research, securing new grant funding and managing programs related to diabetes care management and childhood obesity prevention. The City separated the Health Officer duties from the Department’s (administrative) Director position, adopting an organizational structure similar to the model used by the Department prior to 2007. The City is currently conducting a nationwide search for a new Department Director who will be responsible for the overall
Please see page 2
“Visit Pasadena” Website Offers Interactive Tour of City’s Cultural, Historic, Entertainment Attractions VisitPasadena.com, the consummate Internet guide to “all things Pasadena,” has a new look and a plethora of new features designed to give meeting and event planners,
visitors and Web browsers an intimate and up-close tour of the city’s eclectic mix of restaurants, nightlife, museums, architecture, music, theatre, galleries, sports, recreation and
countless other attractions. Incorporating cutting-edge technology and responsive features, The Pasadena ConPlease see page 4
Dr. Ying-Ying Goh
– Courtesy photo
Please see page 3
2 | FEBRUARY 16, 2015 - FEBRUARY 22, 2015
Risky Pension Bonds Continued from page 1
financial risks based on what the speculate future tax revenues will be. Bonds can be a great tool— like a credit card—if used properly. They allow a city to make large-scale investments in big civic projects. However, critics of POBs claim that when city officials float bonds to pay for pensions, they’re often taking a major gamble with bankruptcy. For instance, when a municipality issues bonds to build a hydroelectric dam or sports arena, the municipality is making a calculated bet given that borrowing against the estimated fee revenue generated by a hydroelectric dam or sports arena, the city has a fair shot of making their money back without having to raise taxes. On the other hand, when issuing a bond on debt, the debt in question merely compounds.
According to the agenda for the meeting, “[Pasadena] has had an obligation to fund the Fire and Police Retirement System under the terms of the Contribution Agreement entered into by the City and the System. In 1999, 2004, and 2012 the City issued $101.9 million, $40.7 million, and $47.44 million of pension obligation bonds (POBs), respectively, in order to fund the City's obligations in respect to the Contribution Agreement. … Approximately $123 million of the bonds are maturing (in the case of the 2004 bonds) or are subject to mandatory tender on May 15, 2015.” As a result, the Finance Committee worked on Monday to begin the issuance of $123 million dollars’ worth of 2015A and 2015B bonds in order to pay down and then restructure the $123 million dollars in debt
Change lives. Make wishes come true.
Become a Make-A-Wish
®
VOLUNTEER
Volunteers for Make-A-Wish give their time and talents to help bring hope, strength and joy to children who are battling life-threatening medical conditions. We have a special need for volunteers in the Inland Empire to help local children.
Get Involved Today ocie.wish.org | 714-573-9474
from the bonds set to mature on the 15th of May. Councilmember Gene Masuda asked the obvious question of the committee, “What if we don’t do this?” “Unless you’re prepared to write a check, I don’t think we have any alternatives,” responded Terry Tornek, head of the Finance Committee. “We need to pay off almost a hundred and twenty three million dollars’ worth of bonds on May 15th.” After a pause, Torneck directly addressed Masuda again, “You know you’re right. This is the worst kind of bonding to do. Pension obligation bonds are in a lot of ways sort of an undesirable and painful exercise. But we have no alternative. The funding has been undertaken, we owe the money to the system, and we need to pay off
these bonds.” But Masuda was puzzled. He asked, “Somehow I remember that this issue of dealing with this was going to be way down the line? What has changed?” “No, no, no,” said Torneck, “The due date was not a surprise. These bonds were scheduled to come due in May of 2015.” Restructured, the annual debt service on these bonds would grow from $5 million to $7.5 million. Urban Futures, a firm whose top members include Jeff Busch, the man responsible for helping San Bernardino legitimize its bankruptcy claims, was chosen to be the financial advisor for the deal. There was no competitive bidding for the position due to what the City Charter 1002(F) claims makes them a professional or unique service.
Ice House Comedy Club Features Bruce Bruce Mar. 1
B
ruce Bruce brings his witty, spontaneous comedy style to The Ice House on Sunday, Mar. 1. Bruce Bruce has been entertaining audiences young and old, and of all backgrounds, for years. Although Bruce is known for his adult comedy, he prides himself on not using vulgarity to win a laugh. In addition to numerous film roles, Bruce has appeared on Comedy Central Presents, TBS's Comedy You Cam Believe In and was the host of BET's Comic View for two seasons. Showtime is 7 p.m. and tickets are $20. For more information or to purchase tickets, pleasevisit www.icehousecomedy.
com or call the box office at (626) 577-1894.
FEBRUARY 16, 2015 - FEBRUARY 22, 2015 | 3
New Health Officer
hlr media EDITORIAL jschlueter@hlrmedia.com Editor Jennifer Schlueter Publisher HLR Media Advertising advertising@hlrmedia.com Submissions:
Please send all press releases to: jschlueter@hlrmedia.com HLR Media, LLC .All contents herein are copyrighted and may not be reproduced in any manner, either in whole or in part, without the express written consent of the publisher. The views and opinions expressed in this paper are not necessarily that of the management and staff at HLR Media, LLC 1000 E. Walnut St., Suite 227 Pasadena, CA 91106
Phone: (626) 386-3457 Fax: (626) 600-4452
Alhambra PRESS ANAHEIM PRESS
Baldwin Park
Belmont Beacon INDEPENDENT
Cypress Press INDEPENDENT
Pasadena Press
San Bernardino Press
Continued from page 1
planning, administration and operation of the Public Health Department. Dr. Goh, as the City’s Health Officer, provides medical supervision and consultative direction for City health services and programs. The Health Officer also has authority to declare public health emergencies and quarantines. “Dr. Goh continues to demonstrate superior healthcare and leadership skills,” City Manager Beck said. “Her extensive training as a researcher and clinician is critical to advancing our work in public health in 2015 and beyond.”
Hollywood Woman Commits Suicide in Pasadena Motel
P
asadena police are investigating the death of a woman whose body was discovered at a local motel, the Siesta Inn, Tuesday afternoon. The woman was a 44-yearold Caucasian woman from Hollywood. Authorities haven’t released her name. The woman was scheduled to check out of the Inn in the 2800 block of Colorado Boulevard at 11 a.m. Tuesday. The manager of the motel found the woman dead in the bathtub.
“It is an honor to serve the residents and businesses of Pasadena as Health Officer,” Dr. Goh said. “I look forward to working with our exceptionally dedicated City staff and officials in promoting the quality of health in our community.” Dr. Goh’s professional experience includes clinical pediatric practice in several Southern California and East Coast communities; management of a California Endowment Task Force of community stakeholders to improve healthcare access and quality in Los Angeles County; design and implementation of a program for Pasadena seniors
with chronic conditions, and conducting and disseminating research to improve nutrition and physical activity for youth. Dr. Goh earned a bachelor’s degree at Stanford University, a medical degree at Stanford University’s School of Medicine and a master’s degree in health services research from the UCLA Fielding School of Public Health. She completed pediatric residency training at Children’s Hospital Boston and Boston Medical Center, with teaching appointments at Harvard Medical School and Boston University School of Medicine.
Long Beach Office 3780 Kilroy Airport Way Suite 360 Long Beach, CA 90806 Ph. (562) 472-0071 Fx. (562) 689-0071 Los Angeles Office 5701 South Eastern Avenue Suite 100 Los Angeles, CA 90040 Ph. (323) 727-1144 Fx. (323) 727-9198 www.heger-industrial.com Lic. #00814086
4 | FEBRUARY 16, 2015 - FEBRUARY 22, 2015
Underworld Clown Bar Extended By Popular Demand Dark Comedy With Sleazy, Corrupt Clowns – Immerses Diners in Noir Whodunnit Clown Bar is an immersive play in a genre best described as “clown noir.” RedWhite+BlueArt Productions, in association with the Pasadena Playhouse, is presenting the West Coast premiere of this offBroadway smash hit by Adam Szymkowicz on Thursday nights in January at redwhite+bluezz. The Silveri Family with Award-winning director Jaime Robledo (Stoneface, Watson) are putting patrons in the middle of the sexy, dangerous, hilarious action of a bar filled with wise guys who happen to be funny. Michelle Sandoval of Edge Los Angeles says "Leave your modesty at the door because ‘Clown Bar” will offend you, shock you, and quite possibly humiliate you…but in a good way" Denise Walker Life in LA praises "Clown Bar is great entertainment and refreshingly different, with just the right mix of suspense, romance and dark comedy. Happy Mahoney — a former-clown-turned-cop— comes to the Clown Bar looking for answers— and vengeance. Somebody killed his brother, Timmy. But not everyone at the old
honking grounds is happy to see Happy. And to find the killer, Happy will have to face his past without being pulled into clowndom’s seedy underbelly of violence and vice. There are eight million stories under the big top, but this play is one-of-a-kind. Clown Barputs audiences right inside an underground clown bar, complete with a sad sack lounge singer cabaret and a sexy stripperclown burlesque, for a night of tongue-in-grease-painted-cheek comedy. So put up your enormous feet, strap on your big red nose, and order up a gin-and-comic, Clown Royal, or Bloody Larry. The Clown Bar has clowns like you’ve never seen them before. Yet somehow, they’re even funnier this way. Tickets are available now and include a prix fixe dinner with a choice of entrée. Clown Bar runs every Thursday night in February (the 5th, 12th, 19th, and 26th) at 8:30 p.m. But come early. There’s an 8:00 p.m. pre-show for ordering clown cocktails and otherwise bracing yourself for night of libations and laughter.
Parents Urged to Vaccinate Children in Wake of Measles Outbreak State Superintendent of Public Instruction Tom Torlakson issued the following statement in the wake of continued reports of measles outbreaks nationwide: “I urge parents to get all the recommended vaccinations for their children. Vaccines help students avoid crippling, debilitating, and costly diseases such as measles, mumps, rubella, and chicken pox. They keep students healthy so they can at-
tend school, learn, and succeed, and they eliminate school disruptions such as those caused by the recent outbreak of measles. “ A s a science teacher, I have reviewed the science and can tell you the vaccines have been proven safe and effective for those students who are healthy enough to get the immunizations. They keep your child and your community protected.”
“Visit Pasadena” Interactive Tour Continued from page 1
vention and Visitors Bureau launched the newly redesigned VisitPasadena.com website last month with a new sleek and visually impactful design to show off Pasadena’s authenticity, culture, class and unique lifestyle. Designed in collaboration with Lion Associates, the site makeover is “designed to optimize the mobile and tablet experience,” said Christine Susa, Pasadena Convention and Visitors Bureau director of marketing and communications. “Travelers, event planners and even our own local residents will find everything they need for their visit to Pasadena at their fingertips.” The new site strategically focuses on what makes Pasadena unique. Visitors can browse through VisitPasadena.com’s robust event calendar and res-
taurant listings, or refer to the site’s itinerary suggestions to plan their trip and build their schedule to experience what Pasadena has to offer. Exciting video features and crisp new photographs, illustrations and maps provide a “sneak peek” at the allure and charm visitors can expect while they’re in the city. The site provides links for visitors and travel agents to complete their hotel accommodations, purchase event tickets or plan full vacation packages. There also is a comprehensive toolkit for event and meeting planners looking to hold their event in Pasadena. For more information, contact Christine Susa at (626) 3950211 or csusa@visitpasadena. com, or contact the PasadenaConvention & Visitors Bureau at (800) 307-7977.