Santa Ana : College District Picks Plan to Recover 90%
The governing board of the Rancho Santiago Community College District has accepted a plan to recover money it had in the county investment pool.
The Board of Trustees voted unanimously Monday to approve Option A, which would return about $14.8 million of the $16.8 million invested in the pool.
The district’s total budget is about $100 million, said Gary Murph, vice chancellor for fiscal services and business.
In choosing Option A, the Board of Trustees will waive its right to sue the county but will receive about 90% of its investment in cash and recovery notes by June 5. The remaining 10% would be converted to repayment claims, which would be paid over a period of time, Murph said.
Start your day right
Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week.
You may occasionally receive promotional content from the Los Angeles Times.
