TUSTIN : Council to Consider Settlement Agreement

The City Council may decide today if it will support or reject the investment pool settlement agreement reached between the county and the creditors committee.

Pool participants have been given a deadline of April 17 to make a decision on the agreement.

Tustin, which pulled its $4 million in principal out of the county-run investment pool last spring, had about $184,000 in interest frozen in the pool when the county filed for bankruptcy Dec. 6.

Under the settlement agreement, Tustin would receive nearly $147,000 of the accrued interest by June.

The balance of nearly $37,000, along with additional interest earned since December, would be paid to the city over an undetermined period of time.

The council is expected to take up the settlement agreement after meeting in closed session to discuss legal issues surrounding the county bankruptcy.

Also on the council agenda today is a public hearing concerning the consolidation of various U.S. Department of Housing and Urban Development programs.

The goal, according to city officials, is to simplify requirements for the federal programs, which include the Community Development Block Grant, the Home Investment Partnership, the Emergency Shelter Grant, and Housing Opportunities for Persons with AIDS.

The council also will hold a public hearing on proposed uses of Community Development Block Grant funds for the 1995-96 fiscal year.

These federal funds are designed to increase economic opportunities for low- and moderate-income persons.

The council meeting is scheduled for 7 p.m. at City Hall, 300 Centennial Way.

Information: (714) 573-3000.