FULLERTON : School District Seeks Return of Funds in Pool
Following the example of school districts and cities throughout the county, the Fullerton School District this week passed a resolution demanding the return of all the money it has in the failed Orange County investment pool.
The resolution says the Orange County Board of Supervisors’ failure to promptly pay all pool investors in full “will exacerbate its own (financial) crisis, spread the crisis throughout other agencies and result in wasteful and protracted litigation.”
It urges the supervisors to pay 100% of all school districts’ deposits and to oppose any plan that does not entail full recovery of the funds.
Under a proposed county plan to repay pool participants 77 cents on the dollar, with notes and IOUs for the balance, the district stands to lose $800,000, Supt. Duncan Johnson said.
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