TUSTIN : Council to Reconsider Settlement Options
The City Council today will reconsider Tustin’s options under the settlement agreement plan for participants in the collapsed county-run investment pool.
In April, the council decided to send a symbolic message of anger and frustration to county officials by voting for Option B of the settlement plan. Under this agreement, Tustin would receive a cash distribution of 75% to 76% of its investment pool funds, and would retain the right to sue the county for lost revenue.
If Tustin switches to Option A, the city would receive an additional 3 to 4 cents on the dollar in “good as gold” recovery notes, and a promise that the county will make its best effort to eventually repay all the lost funds.
In exchange for these concessions, Tustin would waive its right to sue the county.
Tustin had less than $184,000 in the pool.
Other items on the council agenda include:
* An update from City Manager William A. Huston on the status of the Orange County bankruptcy.
* A report on reuse planning efforts at the El Toro Marine Corps Air Station.
* A discussion of current vacancies and upcoming term expirations on the Planning Commission, Parks and Recreation Commission, Audit Committee and Tustin Water Corp. Board of Directors.
The council meeting is scheduled for 7 p.m. at the Tustin Civic Center, 300 Centennial Way. Information: (714) 573-3000.
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