General

Want to buy some stimulus money?

A city in California sold US$500,000 in stimulus grants to another one for US$310,000

Cities across the United States have been receiving federal stimulus money, but not all of them have those ‘shovel ready’ infrastructure projects to spend it on. That’s prompted some cities to sell their grants to other municipalities–sometimes at a steep discount. La Habra Heights, a small city in California, sold US$500,000 in stimulus money to Westlake Village for US$310,000 in cash. Similar deals are being brokered across the state, with the approval of government officials. The benefits: cash in the coffers for those without building projects on the go, and the freedom to spend it on whatever the city sees fit.

Pasadena Star-News

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