Fountain Valley Trustees Delay Action on County Offer

The Fountain Valley School District Board of Trustees Thursday delayed a decision on whether to accept the county’s settlement offer involving the district’s $5.4 million in the frozen investment pool.

Trustees said they could not vote on the proposed settlement because the board had received a copy of the agreement only hours earlier.

“We needed more time to read it,” said board President Catherine Hacker. “We all feel fiscally responsible to read this and make sure we know what we’re voting on.”

The board will hold a special meeting Tuesday to consider accepting the settlement.

Supt. Robert G. Sampica said he is recommending that the board accept the agreement that would pay school districts 75 cents on the dollar in cash, 14 cents on the dollar in recovery notes that would be payable on or before June 5, 1 cent on the dollar for interest earned before the county filed for bankruptcy, and the remaining 10 cents on the dollar to be repaid at a later time.