LOS ALAMITOS : Group Urges Trustees to Recoup Investment

The Los Alamitos Unified School District should withdraw its investments from the Orange County pool and use part of the money to open Oak Middle School, residents here have suggested.

Members of the Save Weaver, Open Oak committee urged school board trustees last week to avoid further losses for the district by pulling out its $11-million investment.

Of that amount, about $5.5 million is from the school district’s reserves, according to Ron Murrey, the school district’s business manager.

Murrey told the group that the district’s funds cannot be withdrawn because the county has filed for bankruptcy.

The citizens’ group wants to use the reserve funds as an alternative to the school board’s plan to sell the vacant Weaver site to pay for the September reopening of Oak.

This fall, the school board approved the sale of the 9.1-acre Weaver for $8 million, of which $3.1 million would be used to reopen Oak, which was closed 10 years ago. Annual interest from the remaining $4.9 million would support the school’s operating expenses.

A buyer has not been found yet, although school district officials said several developers have shown interest.

But leaders of the citizens’ group said Weaver may be needed in the future because of the school district’s growing enrollment. In addition, they said that school district officials have not looked hard enough to find financing alternatives.

They proposed that the school district sell other properties or convert Weaver to a child development center to generate income.