YORBA LINDA : Council Rejects County Plan to Spread Losses
After blasting the county for hiring a public relations firm to buff its image during the bankruptcy crisis, the City Council passed a resolution rejecting a county plan to spread county bond pool losses among all participants.
The tersely worded document criticized both former Treasurer-Tax Collector Robert L. Citron and the County Board of Supervisors for failing to adequately safeguard the city’s $13 million invested with the county.
Citron “has made misrepresentations and has misled the staff of the city of Yorba Linda on facts concerning the segregation of its deposits and as a result has illegally benefited from and continues to retain the benefits from those misrepresentations,” the resolution reads.
Councilman John M. Gullixson said the resolution is intended to bring pressure on the Board of Supervisors to present its plan for reimbursing the pool investors and deal with its losses.
“Right now, the county is promoting ‘share the pain’ and is unwilling to take responsibility for the problems that have arisen,” Gullixson said. “My position is to make sure the county understands that’s not what the people of Yorba Linda are looking to.”