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Article: Orange County must issue debt to cover expenses, officials say.
- Article from:
- The Bond Buyer
- Article date:
- January 4, 1995
- Author:
CopyrightCOPYRIGHT 1995 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 -- Two top officials said over the holiday weekend that bankrupt Orange County will have to issue debt in coming months to meet its operating expenses.
The statements came as the county took additional steps to avoid threatened legal action from labor unions and local governments with deposits in the now-frozen investment pool.
Thomas Uram, director of the county Heath Care Agency, said Monday that due to the county's projected operating deficit by the end of fiscal 1995 on June 30, it will be forced to borrow.
Supervisor William Steiner said the same late Friday, adding that the county will probably issue tax and revenue anticipation notes. ...