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Article: Grand jury finds California county needs to improve borrowing policy. (Stanislaus county)
- Article from:
- The Bond Buyer
- Article date:
- July 9, 1991
- Author:
CopyrightCOPYRIGHT 1991 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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LOS ANGELES--A grand jury in Stanislaus County, Calif., said in a recent report that it found "a pattern of mismanagement" relating to the country's capital borrowing and recommended stricter oversight for bond issuance.
The grand jury on June 27 released its third report in connection with public finance matters in the county. Previous reports included criticism of county officials for their handling of gifts from Prudential-Bache Capital Funding, which underwrote various bond issues for the county in the late 1980s.
In the latest report, the grand jury concluded that "large sums of money were borrowed hastily for ill-defined building projects, most ...