ROSSMOOR : Directors Seek Funds From Pool
The Rossmoor Community Services District has joined the chorus of cities, school and special districts demanding full return of its investment in the collapsed Orange County investment pool.
In a resolution passed on a 4-1 vote last week, district directors said the county must assume sole responsibility for the financial crisis and not pass on the losses to the pool investors.
General Manager Bill Sheldon said the same resolution has been adopted by most of the 186 other agencies and municipalities that invested in the county pool.
“It’s a solidarity issue,” Sheldon said. “We wanted to show our solidarity with other members of the investment pool.”
The district has $711,000 frozen in the county’s investment portfolio, which lost nearly $1.7 billion in value after a series of interest rate increases last year. The losses forced the county to file for bankruptcy Dec. 6.
Director Jim Alexander, who said he favored full return of the investments, nevertheless voted against the resolution because he said it is too general and vague.
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