Sanders Goes to Wall Street
Published: Thursday, May 15, 2008 2:28 PM PDT
The 13th floor in City Hall just wasn't good enough for this announcement.
On Harbor Island, with San Diego's skyline as his backdrop, Mayor Jerry Sanders officially announced that San Diego was back on Wall Street.
"This is the most significant day in the city of San Diego in the past four years," Sanders said. "The city once again has access to the bond market."
Sanders said from today forward just about all city borrowing will be cheaper, and taxpayers can expect millions in savings this year on water and wastewater system bonds that the city was forced to privately finance when Standard & Poor's suspended the city's bond rating in 2004.
At Sanders' side were City Council President Scott Peters, Councilman Kevin Faulconer, who chairs the City Council's audit committee, and Chief Operating Office Jay Goldstone.
Sanders took the opportunity to congratulate himself and his administration, and take a jab at his critics.
"For those who say the city has not made progress," Sanders said. "Standard & Poor's has sent a very strong message to the contrary."
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