OXNARD, CA. – A recent full-page ad in the VC Star portrayed that the City of Oxnard “found” $5.6 million the day its annual budget was passed. This is not true.
That money is from bond proceeds, which is held by Wells Fargo Bank, the trustee of those funds. And, those funds can only be used for the purpose for which the bonds were issued: street maintenance and improvement projects. They cannot be used for any other purpose.
Implying that those funds were “found” and could be used otherwise is incorrect.