State Board Balks at Modoc County Loan Request

Wednesday, July 21, 2010

Sacramento - The States Pooled Money Investment Board dealt today with Modoc County’s request for an emergency $12 million dollar loan to stave off bankruptcy in less than a minute by doing nothing. The three member board said the request presented thorny legal and financial issues that have not been resolved and that the state treasurer’s office is exploring other methods of helping Modoc. The County claims it can’t make payroll by the end of July and this is a last ditch effort before filing bankruptcy. Modoc County has retained a law firm to assist with the bankruptcy .
Business Manager Chris Darker has been in contact with the State Treasurers office and their legal team looking for solutions. “I have our Local Legislative Advocate in Sacramento keeping tabs on this issue”, said Darker.