GARDEN GROVE : Trustees Unanimously Accept 90% From Pool
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Trustees for the Garden Grove Unified School District have agreed to accept a settlement with the county investment pool that would return 90% of the money deposited in that fund.
The Board of Education unanimously approved the settlement Option A at its regular meeting this week.
The decision could allow the district to recover $48.6 million of the $54.3 million it invested in the pool, while forfeiting its right to sue for the rest. The county will pledge to repay the remaining money over an unknown period of time, said Art Becker, the district’s business manager.
The proposed settlement must receive approval from at least 80% of the investment pool participants holding at least 90% of the money for it to go into effect, he said.
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