Davis OKs $100M Bailout for Oakland Schools

Williams, Rochelle
June 2003
Bond Buyer;6/4/2003, Vol. 344 Issue 31649, p4
Trade Publication
California governor Gray Davis authorized a 100 million dollar bailout to keep the financially sinking Oakland Unified School District afloat as of June 2, 2003. The largest-ever bailout of a California public school occurred on the same day the Compton Unified School District was returned to local control after being under state control for a decade. Bond payments are not affected as they are supported by property taxes, according to John Hartenstein, chairman of the school finance division and a partner at Orrick, Herrington&Jack O' Connell, the state superintendent of public instruction, on Monday appointed Randolph E. Ward to oversee the financial recovery as district superintendent.


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