Countywide : College District to Examine Settlement
Trustees of the North Orange County Community College District will hold a special meeting at 5:30 p.m. today to discuss the investment pool settlement agreement reached between the county and the creditors committee in Orange County’s bankruptcy case.
The district had $86 million in the investment pool when the county filed for bankruptcy protection Dec. 6. That included about $50 million that the district borrowed to invest in the now-collapsed fund. Pool participants have been given a deadline of April 17 to make a decision.
Chancellor Tom K. Harris Jr. said the district, which has an annual operating budget of $93 million, has sufficient cash flow to meet its financial obligations through June 30, the end of the academic year.
The special meeting Tuesday will be in the District Education Center boardroom, 1000 N. Lemon St., Fullerton.
Among those advising the trustees at the public session will be attorney Merrill Francis, who is representing county schools in the bankruptcy proceedings.
The trustees are not expected to take action on the pool settlement agreement until April 11, their next regular meeting.
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