Regarding your article in the Burbank Leader on June 4, “Airport gets credit rating warning,” yes, the people of Glendale, Burbank, and Pasadena should be very concerned about the rating that has just come out by Fitch — that gives the airport a “negative watch” for its credit rating.
These committees and their credentials become very questionable when at this time they support an additional bond debt of approximately $90 million to add to a current and remaining bond debt of $56 million from 2005.
When dealing with projects of city, state, and/or government, a good rule of thumb is to triple that amount.
All of these expensive plans and spending while the number of travelers at the Bob Hope Airport is down by 1.3 million people. We should give our representatives from the city, state and government a grade of AAA+ in spending (when you’re broke).
Don’t you love their philosophy? How soon they forget how California got to be No. 1 in the nation in debt. They bought new bonds using the money to pay for the old ones.
It seems like the river of no return is just around the corner.
Edwina L. Hughes