Cash-strapped Montebello receives loan
For months, officials in Montebello have worried that they might run out of cash by the fall, or be forced to make drastic cuts to stay in business.
But on Thursday, officials in the beleaguered city announced that it had gotten a $2.5-million loan as it seeks to get back on firm financial footing.
The loan must be paid back by June, said interim City Manager Larry Kosmont.
Kosmont said the city is borrowing at an interest rate of 4.85% -- higher than he would have liked, but a rate that reflects investors’ worries about a city that has been the subject of a drumbeat of negative headlines about its financial stewardship.
The city has also been the subject of seven separate audits over the last year, including several from the state controller’s office that found the city mishandled millions of dollars.
Kosmont, who said he plans to step down from his temporary post in December, said the loan is good news, in that it will help the city as it seeks to hire a permanent city manager.
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-- Jessica Garrison
Photo: A view of the city of Montebello. Credit: Irfan Khan / Los Angeles Times L.A. Now is the Los Angeles Times’ breaking news section for Southern California. It is produced by more than 80 reporters and editors in The Times’ Metro section, reporting from the paper’s downtown Los Angeles headquarters as well as bureaus in Costa Mesa, Long Beach, San Diego, San Francisco, Sacramento, Riverside, Ventura and West Los Angeles.
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For months, officials in Montebello have worried that they might run out of cash by the fall, or be forced to make drastic cuts to stay in business. But on Thursday, officials in the beleaguered city announced that it had gotten a $2.5-million loan as
The government-controlled firm also attributed the deeper cash drain to losses on derivatives used to hedge its exposure to interest-rate swings and on expenses related to home loans made prior to the 2008 financial collapse.
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