Mayor voted against city loan
July 9,2013 — Mayor Rod De Boer cast the lone no vote May 15 when the Susanville City Council approved beginning the process for a $5 million loan to refinance a CalPERS side fund debt for city employees’ retirement benefits. Last week the Times incorrectly reported the council voted unanimously for the loan.
De Boer said he voted no because he wanted the city to take advantage of a lower interest rate available if the city took out a secured loan.
“The other four councilmembers wanted an unsecured loan at a higher interest rate,” De Boer said. “I wanted a secured loan at a lower interest rate.”
According to De Boer, the lower interest rate could save the city “quite a bit of money” over the term of the loan, perhaps as much as $750,000, or about $4,000 per month or $50,000 per year.
“The legal ramifications are one and the same,” De Boer said. “The city has to pay it back. If we secure it (the loan), fine. If we don’t, we have to pay a higher interest rate.”
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