LA PALMA : City Seeks 100% of Its County Pool Funds
In a resolution that rebuked county government, the City Council has demanded that all of its $5.5 million be returned from the county’s bankrupt investment pool.
The council’s resolution accused the County Board of Supervisors of giving too little information to the city about the status of invested money.
“The Board of Supervisors has not been responsive in disclosing all pertinent information,” the resolution said. The measure also asked that county government “return 100% of all (invested) monies to the City of La Palma.”
The council unanimously adopted the resolution at a special meeting last week.
City Manager Pamela Gibson recommended the action. “The position of all the investors (in the county pool) is that the county shall return 100%,” she told the council. “Trust was violated.”
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