O.C. IN BANKRUPTCY : BOND CRISIS: Status Report : BACKGROUND:
On Dec. 6, Orange County government filed the largest municipal bankruptcy in history after suffering a $1.5-billion loss in the county’s investment portfolio, and 24-year Treasurer-Tax Collector Robert L. Citron resigned in disgrace.
LATEST DEVELOPMENTS:
* The Legislature is considering a special session.
* Federal prosecutors are reviewing the financial collapse for potential criminal violations.
* Schools and government agencies are scrambling to free cash from accounts frozen in the bankruptcy.
WHAT HAPPENS TODAY:
* 9:30 a.m.--County supervisors will meet to consider postponing an $82-million contract with Motorola for a countywide police communications system.
* 1:30 p.m.--Laguna Beach activist Elizabeth Leeds will ask a judge to bar supervisors from meeting in closed session while discussing the financial crisis.
* 5:30 p.m.--City councils in Dana Point and Irvine will meet separately to discuss how the crisis affects their operations.
* 6 p.m.--The Anaheim City Council will also discuss the crisis.
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