HUNTINGTON BEACH : High School District OKs Investment Pool Settlement
The board of Huntington Beach Union High School District has unanimously approved Option A as its choice for recovering its money from Orange County’s collapsed investment pool.
The school district, which governs all public high schools in Westminster, Fountain Valley and Huntington Beach, had $19.9 million in the pool when the county declared bankruptcy on Dec. 6.
By taking Option A, the school board expects to receive 90% of its investment by June 5. The remaining 10% would be paid back over a longer period of time, the county has said.
The high school board voted for Option A on Tuesday night after staff officials recommended it as the district’s best choice. Assistant Supt. Patricia Koch said the option “is a good agreement, given it gets us to our cash as quickly as possible.”
By taking Option A, the school board agreed not to sue the county.
School board President Michael S. Simons said that lawsuits against the county would have no certainty of returning more money to the school district. “I don’t think we have any other alternative” than Option A, he said.
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