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. States with significant new pension borrowings last year included Arizona, Florida, Illinois, Michigan and Texas. Select from premium West Covina, California of the highest quality. Like many city pension plans that CalPERS manages, West Covina’s is only partly funded. And she misses her teammate. By issuing that debt, the city was able to make a lump-sum payment of about $200 million to CalPERS. “I start crying and she also cried. To Plug a Pension Gap, This City Rented Its Streets. Overnight. But as with any strategy based on long-term assumptions, there is risk. Your localized Biking weather forecast, from AccuWeather, provides you with the tailored weather forecast that you need to plan your day's activities Breaking California Pandemic Update ... into custody at 5:30 a.m. Friday while she was at work at the Marriott hotel in West Covina, according to family and friends. Amelia Baclig, a nurse at Queen of the Valley Hospital in West Covina, died from complications from COVID-19 on Jan. 22. Novel ways to do so include renting property they already own under dummy corporations. Today ; Hourly; Daily; Morning. But it’s different when a municipality borrows to cover a pension shortfall. Cities and states issued at least $6.1 billion in pension bonds last year. SGV CityWatch. News News Based on facts, either observed and verified directly by the reporter, or reported and verified from knowledgeable sources. Sorry, your blog cannot share posts by email. “These are streets that haven’t been paved in 20 years.”. West Covina Police Department. “Especially during the time of the surge,” she said. 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 boggles my mind that anyone would buy these bonds,” said Jessica Shewmaker, a former West Covina councilwoman. 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. 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. West Covina’s bonds, for instance, don’t need to be repaid for 24 years. Around the country, towns and cities are increasingly embracing more aggressive investment strategies as they struggle to cover funding gaps in their pension programs. … Post was not sent - check your email addresses! The consequences of this approach became clear after Detroit declared bankruptcy in 2013 and couldn’t pay its creditors in full. It’s a major comeback for this type of debt, said Matt Fabian, a partner at Municipal Market Analytics who has been writing about the deals for years. When the dust settled, the bondholders got about 14 cents on the dollar. In California, West Covina agreed to pay rent on its own streets. (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.”. 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. Nearly 150 called in for the final session. (Photo courtesty of West Covina), “Before she died, I Facetimed with her,” said coworker Juliet Baltazar, who knew Baclig for more than 30 years. 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. Yesterday at 5:43 PM. CalPERS treats the shortfall of roughly $200 million as a loan it has made to West Covina, charging 7 percent interest. “My mom has been a nurse there for almost 30 years,” Aubrey said. Yesterday at 5:41 PM . West Covina’s investment banker estimated that the pension bonds would save the city $45 million. Many states have been trying to beef up their pension systems, which often means telling local governments to send in a lot more money. 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. Baclig, 63, kept fellow nurses well-fed and well cared for and served as a beloved mentor to younger members of the team. 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. She was there always to reassure us.”, “It’s so painful for me to lose her,” Baltazar said. West Covina is bordered by Covina and Ramona to the northeast, Baldwin Park and Irwindale to the northwest, La Puente and Valinda … The caravan memorial was on Saturday, Feb. 13. Full Story. She was amazing,” Streams said. WEST COVINA, Calif., Feb. 10, 2021 /PRNewswire-PRWeb/ -- Emanate Health Queen of the Valley Hospital in West Covina today can begin receiving emergency ambulance runs for … Taxpayers can still owe the pension fund money if the investments don’t get the return they expect. 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. Streams helped Baclig get tested and guided her through the process of reserving a hotel room if she needed to quarantine. The City of Tucson, Ariz., decided last year to pay rent on five golf courses and a zoo — to itself. (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. 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They are risky financial arrangements born of desperation, adopted to fulfill ballooning pension payments that the cities can no longer afford. “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.”. Full Story. West Covina Post Office temporarily closed due to structural damage. That’s funny, that cracks me up. David Carmany, the city manager of West Covina, … She really loved her patients. “They do save lives. Sonia Meza, a … The Baldwin Park Police led a police chase this morning that ended in the city of West Covina, according to reports heard on the police scanner.