Oxnard-- City Attorney Stephen Fischer updated the City Council about the consequences Oxnard faces due to the Aaron Starr lawsuit that blocks the financing mechanism in the City.
Fischer said the lawsuit blocks the City’s ability to finance major projects.
“Last October, the Council, and the Oxnard Financing Authority approved issuing lease revenue bonds to finance up to $36 million of street and alleyway improvements and $9 million to implement the City’s new Enterprise Resource Planning or ERP Systems for asset management and utility billing,” Fischer said. “In December, Starr and his political corporation Moving Oxnard Forward Inc. filed a complaint in Ventura County Superior Court to invalidate the lease revenue bond approvals.”
Fischer said the City of Oxnard disagrees with Starr’s allegations, but it will likely take more than two years to resolve the litigation because of risk aversion in the bond market.
“Until the litigation is resolved, the City cannot issue bonds to finance needed Capital Projects that require major funding,” Fischer said.
In addition to the reconstruction of City streets and alleys to improve our pavement condition index and continuing the ERP System upgrade, the projects this litigation delays include renovating the current Senior Centers and…
