Don McGrath, former assistant city attorney reported in a letter today to the Union-Tribune that the grand jury recommended the city “convene a panel of bankruptcy experts … to consider the city of San Diego filing a bankruptcy Chapter 9.”
As he points out, this has not been done. And, there has been little publicity about it.
The sales tax proposal will not account for the pension fund pay-off, while bankruptcy will allow the city to re-organize its pension debt without hurting retirees or selling off major assets, according to McGrath.
I have been unable to find out what major assets, if any, have been sold by the city. The Torrey Pines golf course has been mentioned as a possibility. Prices have been raised in some recreational facilities, but I have no specifics.
Certainly, it appears the city has been remiss in not following the Grand Jury’s advice about convening a bankruptcy experts panel.
— BETTY HOSIE, La Jolla