SAN JUAN CAPISTRANO : District Plans Meeting on Settlement Offer
The Capistrano Unified School District board will consider the county bankruptcy settlement plan at a special meeting next week.
Trustees heard a brief overview of the plan Monday night but couldn’t vote on it because a final copy wasn’t supposed to be ready until Tuesday.
Under the plan, school districts will receive 93 cents in cash and secured notes for every dollar they had in the county’s failed investment pool. The remainder will be in the form of IOUs.
The Capistrano Unified School District had $74 million in the pool when it collapsed.
Supt. James A. Fleming said Tuesday that he will recommend school board approval of the county bankruptcy settlement offer.
But Fleming predicted that the district still will have to cut between $4.5 million and $5 million from a proposed $136-million budget for fiscal year 1995-96.
Those cuts are scheduled to be considered in the next two to three months before the fiscal year that starts July 1.
Fleming said that he was “disappointed” with the bankruptcy settlement plan but added that it was an improvement over earlier proposals.
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