The Latest County Meltdown: CEO Mauk helps lose us $50 million from the state.

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By Mr. Peabody

OC's Boss Tweed Steps in it. Again.

Okay, Friends this one is a bit convoluted so stick with me.

The latest State budget deal takes about $50 million away from Orange County. How come? Best I can figure it out is this: after the bankruptcy of 1995 the County sold recovery bonds and the State sequestered about $50,000,000 annually to pay off the bond holders from part of the Vehicle License Fee that was distributed to the County.

Later when the VLF was swapped out for property tax income the payoff to bondholders still came from the VLF. When OC refinanced its debt in 2006 it didn’t  need the money anymore, but kept taking the VLF funds even though no other county got any of it.

Read the rest of “The Latest County Melt Down”


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