Voter Approved Trust - A Vision to Ensure Whittier's Future

By Joe Vinatieri

The Whittier Oil Project and its revenues promises to ensure Whittier for future generations, if handled prudently.

Passed unanimously by both the Planning Commission and the Council with 90 conditions and over 125 environmental restrictions, the highly regulated project is currently the subject of three lawsuits and ongoing discussion with the County. "I believe we will successfully navigate the legal process but we must vigorously monitor the project for compliance with the Council's mandates. The question remains...how do we ensure that the potential millions of dollars will be invested to benefit all residents of Whittier for generations to come?"

The vision:

• A Voter Approved Trust, acting like an endowment, would be established and the funds would be deposited into and invested in prudent investments by the Trust.
• Voter approval would ensure the funds were not subject to political chicanery and possible outside influence.
• The Trust could not be amended, revoked or terminated without Voter approval.
• The intent is to use the income from the Trust and preserve the principal for future generations.
• A Council appointed seven-member oversight committee would oversee the investments and investment manager.
• A portion of the funds would fund the Habitat Authority and County projects.
• A substantial percentage of the funds would remain in the Trust. The remaining funds would be restricted and could be used by the City for infrastructure, Joint Powers agreements/sharing with Whittier school districts, targeted business development and not general operating expenditures.
• The Trust principal could be invaded in the event of a catastrophic emergency under criteria to be established.