TCA & Rancho reach an agreement

12/13/07

Attended today's TCA meeting: they went immediately
into Closed Session - came out and announced the
Rancho's suit against TCA, over the route of the
214-extension thru 'the Donna O'Neill Conservancy'
is resolved.

Must have cost TCA a real-chunk - but we know
money's no object for TCA.

No details were given, except for 241's Chair -
MV's Lance MacLean's comment,

and I quote,

"That's very good news folks."

That's all I know about that.
Check tomorrow's paper for details.

On another TCA issue - TCA went to key Bondholders
and asked their approval for TCA to fiddle with their
Bond Investment opportunity, so TCA can continue
"Merger" discussions (join 73 and 241 Boards into one
Board), thus giving them the financial whatevers to
re-fi their flagging investment picture.

Those "Key" Bondholder gave TCA until Sept 08
to figure it out.
Sentiment on TCA's Board - this is also good news.

Now they can merge and re-fi - and life at TCA will once
again be perfect.
TCA's last failed attempt at this took 4-years and achieved
nothing.
Solving TCA's Bond re-fi will be, once again, a TCA slight
of hand trick - refinancing a failed financial policy in a
nervous economy? Only in OC.

Speaking of OC's shaky investment ground:

OC's Treasurer Steel, is on the hot seat because of a
threat to OC's $6Billion county investment portfolio.
Seems OC didn't learn much from its 1994 bankruptcy.

Although no other County in the State (but not Florida)
dares to invest "Public Benefits and Retirement money
in controversial (risky) security's - we still do.

$460 million are at stake.

Peanuts really, compared to our multi-Billion 94-BK,
that we pay $90million annually towards the debt.
Until when? Good question.

If it'll make you rest easier this holiday season,
the same folks keeping an eye on OC's investment
picture, plan our transportation.

By TCA's jovial mood today - they're happy with
their work - with the possible exception of TCA
Director Valle Cave (Aliso Viego) complaining
US Postal trucks are using the 73 (clogging up).

Dana Point's (councilwoman / 73-boardmember)
Harkey joined in Ms. Cave's opposition to US mail
trucks slowing down 73 traffic (what traffic?).

Guess they haven't noticed the long line of UPS
trucks jamming 73's right lane, heading up to UPS's
"campus" located on the 73 for the past 6 years.
Maybe Ms. Cave doesn't recognize 'Brown.'

Sitting thru TCA's board meetings you're assured
of two things - at the beginning of each session:
2-Pledge of Allegiances - and 2-Prayers.

If they ever merge, does that mean TCA will only
be half as blessed?

amen

happy holidays everybody,

jc