Citizen's Group Requests Municipal Bond Advisor Recuse Himself from City Council Citing Conflict of Interest
Proponents of an initiative to require voter approval of Certificates of Participation (COPs) have submitted a formal request to City Attorney Robin Clauson requesting that Municipal Bond Advisor Keith Curry, who was recently appointed to the Council, should recuse himself from participating in any council action pertaining to the Municipal Debt Initiative, sponsored by Newporters for Responsible Government, a citizens group opposed to the use of COPs to finance the construction of a new City Hall.
Orange County, CA (PRWEB) May 8, 2006 -- Proponents of an initiative to require voter approval of Certificates of Participation (COPs) have submitted a formal request to City Attorney Robin Clauson requesting that Municipal Bond Advisor Keith Curry, who was recently appointed to the Council, should recuse himself from participating in any council action pertaining to the Municipal Debt Initiative, sponsored by Newporters for Responsible Government, a citizens group opposed to the use of COPs to finance the construction of a new City Hall.
In his letter to the City Attorney, NRG spokesman and attorney John Buttolph followed the analysis of “Conflict of Interest” provided in the rules of the California Fair Political Practices Commission as the criteria for determining the existing conflict. “I believe Mr. Curry must comply with Government Code Section 87105 and Regulation 18702.5 when any matter related to the Municipal Debt Initiative is considered by the Council… Mr. Curry must publicly identify in detail the economic interest and relationships that create the conflict, must step down from the dais, and must leave the room.”
Keith Curry, appointed in January to fill the remainder of the term for former Mayor Heffernan, is the president of NAIPFA, a national bond industry trade association whose website states that its purpose is to influence legislative matters of interest to firms providing financial advice to public agencies.
Curry is also managing director of Professional Financial Management, the nation’s leading financial advisor to government clients, including the City of Newport Beach. Curry has denied any conflict.
On April 3, NRG submitted 7411 signatures to the City Clerk for certification to qualify the initiative for the November ballot; 6006 verified signatures are needed. Once qualified, the City Council will consider their options of either adopting the initiative or placing it on the November Ballot.
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