Saying “No” to Measure O may have been a victory for the majority of the voting Hermosa Beach residents, but now homeowners are faced with the issue of paying back a $17.5 million debt to E & B Drilling Company. Luckily, the city has set aside a $6 million reserve for debt repayment. The city will still need to issue municipal debt in order to pay back the rest to E & B. The debt is set to be paid back over a timespan of 20 to 30 years.
To learn more about the city’s financial obligations, read the Cost Benefit Analysis.
