Bankruptcy Money to Go to Streets, Parks
As part of the Orange County bankruptcy settlements, the city may receive $12.2 million in January--and officials have already decided how to spend it.
The City Council this week adopted a spending plan that calls for street improvements, park renovations and other repairs.
Last month, the county announced it had reached a settlement with Merrill Lynch and Co., the main target of lawsuits stemming from the December 1994 county bankruptcy. As a result of that settlement and others with different firms, the county and more than 200 investors in the failed investment pool are expected to receive a total of $621.5 million in repayments.
Santa Ana officials said the county expects to distribute the money by January.
“We’re investing back in the community things that we would have been doing if we had the money all along,” Councilwoman Patricia A. McGuigan said.
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