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Article: County plans recovery bond issue to bail out strapped school districts.(Orange County, California)
- Article from:
- The Bond Buyer
- Article date:
- June 12, 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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In a high-profile, first-of-its-kind offering, bankrupt Orange County plans to sell $295 million of recovery bonds this week with most of the proceeds going to county school districts that are also facing insolvency.
The bond issue, backed by MBIA Insurance Corp., represents the first time a bankrupt government has sold long-term debt with a super-priority lien, meaning that investors who buy the recovery bonds will have greater security than all other county creditors.
"We're very pleased and we're waiting with baited breath to get the money," said Jon Schotz, a financial adviser to the school districts and other local governments receiving the proceeds. ...
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Article: Orange County, Calif., School ...
Knight Ridder/Tribune Business News;
July 13, 2003 ;
700+ words
...By Peter Larsen, The Orange County Register, Calif. Knight ... and cleaning supplies. School districts throughout Orange County struggled to find the most ... come. To see more of The Orange County Register, or to subscribe ...
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