LOS ANGELES : Harbor Panel OKs Transfer of $44 Million to City
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The Los Angeles Board of Harbor Commissioners this week unanimously approved the transfer of $44 million in port revenues to the city to help balance its budget.
The Legislature authorized cities to seek funds from their ports in its September budget session when it cut $53 million in state money slated for Los Angeles. The Harbor Commission’s approval means the city will be allowed to request the $44 million next year.
Bondholders whose money was to be reserved strictly for port uses might now have grounds for a suit, harbor officials said. Nonetheless, the commission’s approval of the transfer was an acknowledgment of the city’s fiscal problems.
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