Anyone who’s ever taken out a personal loan knows such an endeavor is rife with paperwork. When a public agency is the borrower and the loan is in the millions of dollars, the red tape expands exponentially. That reality was apparent to all who attended last night’s board meeting of the Joshua Basin Water District. Reporter Mike Lipsitz was among them…
Last night in Joshua Tree, the Joshua Basin Water District’s board of directors continued until a special meeting next Tuesday further discussion of documents connected to closure of the recently-approved $3 million installment loan. The loan was budgeted in conjunction with the recent rate increase and will allow the district to move forward on the capital improvement program. And while all the board is in agreement on the benefits of the loan, approval of these final documents was delayed because prudent review of the associated documentation takes time. And in a related matter last night, the board did approve a debt management policy. Also, the board authorized write-off of $27,600 in bad debt. And finally, the board was recognized by the Morongo Basin Conservation Association for the district’s support of the Desert Wise Living Tour last spring.
