Posted on 07/20/2008 10:23:30 AM PDT by Clintonfatigued
One of Congress' strongest supporters of the Foothill tollway's controversial southern extension steered taxpayer money to and lobbied for the project while holding a financial interest in a connected tollway.
Financial disclosures for Rep. Gary Miller, a land developer who represents Orange, San Bernardino and Los Angeles Counties, show he purchased $20,000 in Foothill/Eastern Transportation Corridor Agency bonds in 2000. The bonds pay investors a fixed rate and are repaid by drivers' tolls.
The Eastern and Foothill (241) toll roads run from the 91 freeway to Irvine and Rancho Santa Margarita. The proposed southern extension, known as Foothill South, is the final 16-mile segment of 241 and would run from Rancho Santa Margarita to the I-5 near San Clemente, if it overcomes public and official objections.
In an interview, Miller acknowledged getting an $8 million appropriation for Foothill South's construction in 2005. He has subsequently signed letters to the state Coastal Commission and the Commerce Secretary as part of a lobbying effort in support of the tollway agency's plan to build the road through a coastal park.
(Excerpt) Read more at ocregister.com ...
Congressmen like this give the Republican brand a bad name.
In what way? There’s no financial benefit for the extension, and it was five years after he bought roadway bonds that likely are a ten year fixed rate of return bond. The only way he’d risk losing money is if everyone suddenly boycotted the toll road, which isn’t going to happen, as many in the OC love them, as it’s their local status symbol... Driving on that road that the little people can’t.
This is a hit and run news story which I can’t frankly figure out why it’s apparently news.
So, these bonds pay the same whether the tollway is extended or not?
Get a grip, folks.
The Register trying to do something besides just republish Times and McClatchy BS...
I know a few “Republicans” I’d like to hog-tie and “BRAND” with a real fire-brand!!! It would resemble “MUGWUMP!”
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