PLACENTIA / YORBA LINDA : School Officials OK Plan to Recover Funds
School officials voted this week to accept Option A for recovering their money from Orange County’s collapsed investment pool.
That would give Placentia-Yorba Linda Unified School District about $65 million in cash and about $11 million in recovery notes in exchange for agreeing not to sue the county.
“Option A is what we are recommending,” Assistant Supt. Kim Stallings told the governing board this week. “It returns a significant portion of our money by June.”
Marc Winthrop, the school district’s attorney for the matters related to the county’s Dec. 6 bankruptcy filing, cautioned the board that the county has not yet determined how it will back the recovery notes. And the financial crisis, he said, could take years to resolve. But board President Craig Olson said, “In a situation where we need money now, we really don’t have any good options other than Option A.”
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