NEWPORT BEACH/COSTA MESA : School District Seeks Experts in Finance
The Newport-Mesa Unified School District board is seeking residents of Newport Beach and Costa Mesa to serve on its newly created Investment Advisory Committee.
The panel of residents with investment and high-finance experience was formed in response to community outrage over the district’s potential $9.2-million loss in the failed county bond pool. The district had $53 million of its own money and $47 million in borrowed funds invested in the investment pool when it collapsed in December, triggering the county’s bankruptcy.
The loss spurred a new investment policy that prohibits borrowing money to invest for higher interest. The school board approved that policy May 23 and, at the same time, made the advisory panel a permanent fixture of the district.
Four seats on the 10-member panel are open.
Anyone interested in sitting on the Investment Advisory Committee is asked to submit a letter of interest and a resume of qualifications to Bernd at the district headquarters, 1601 16th St., Newport Beach, 92663.
Letters must be postmarked by June 16.
Information: (714) 556-3250.
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