WESTMINSTER : Resolution on Funds Goes to Council Today
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The City Council today will consider a resolution calling on the County Board of Supervisors to immediately release half of all depositors’ money tied up in the collapsed investment pool.
The resolution calls for releasing another 5% monthly thereafter, up to 65%, until a plan to return the investments has been presented and accepted.
Nothing less than a 100% return of the investments is acceptable, according to the resolution, which mirrors similar actions taken by other agencies with investments in the bankrupt county fund.
The city has about $100,000 frozen in the county treasury, representing interest earnings posted after officials withdrew the city’s $2.5-million investment in May.
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