We all feel better now: The San Luis Obispo City Council is going to eat the costs of early withdrawal penalties by pulling $700,000 worth of bonds out of Chevron (“City of SLO will no longer invest in tobacco, fossil fuel production,” June 24). The $5,700 of wasted taxpayer money will probably further enrich both Chevron and some “too big to fail” financial institution.
Instead of taking this ineffective, feel-good action, why don’t we use the saved penalty fees to upgrade to an electric vehicle for the city fleet if we want to make a difference? But, because this is apparently a fait accompli, what are we going to do with the $700,000? If we want to engage in some “socially responsible investing,” we should use that money to start dredging Laguna (soon not to be) Lake before the predicted El Niño rains hopefully arrive this winter.
Atascadero saw the opportunity the drought gave for their lake and moved, so why can’t we? Instead, we complained that our case is more complicated and did nothing.
If the past is any guide, I assume the city will dither and then finally take action when we are in a long wet cycle, making dredging much more expensive and then issue our own bonds once interest rates have increased.
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