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Article: County fund's value slides with fickle bond market. (Cuyahoga County, Ohio)
- Article from:
- Crain's Cleveland Business
- Article date:
- April 25, 1994
- Author:
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Copyright informationCOPYRIGHT 1994 Crain Communications, 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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Recent bond market jitters have pushed below their purchase prices the value of many of the bonds held in Cuyahoga County's $1.1 billion SAFE investment fund. However, the fund remains sound, an outside expert said.
Last week, County Treasurer Francis Gaul and members of his staff disclosed to Crain's Cleveland Business that the market value of the fund's $600 million in intermediate- and long-term bonds had fallen by about $35 million from their purchase prices.
Nonetheless, the $517 million invested in the fund by entities other than Cuyahoga County is safe, so long as the county keeps its own $608 million investment in place. That's the opinion of Mr. Gaul and ...
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