The discovery of a restriction on selling public land in the San Diego city charter has caused Mayor Jerry Sanders to reverse his decision to sell city property for money to pay down the municipality’s deficit. Sanders said his administration just learned that the charter requires that money from the sale of city property go to a capital outlay fund for one-time capital costs, according to The San Diego Union-Tribune. Sanders says that means the financially troubled city must either try to borrow money to pay the $1.4 billion deficit from the city’s retirement system or cut services to pay more on the debt.
http://www.signonsandiego.com/news/metro/20060919-9999-1m19sanders.html