California Probes Oakland Schools Over Fund Transfers

Williams, Rochelle
April 2003
Bond Buyer;4/7/2003, Vol. 344 Issue 31609, p34
Trade Publication
The Oakland Unified School District, which in March 2003 requested California's largest-ever emergency school bailout of 100 million dollars, is under the scrutiny of the State Allocation Board (SAB) for transferring state reimbursement construction funds into the district's general fund account for operating purposes.The probe stems from the SAB wiring 33.7 million dollars in December 2002 to the Alameda County Office of Education, as repayment for 30 school modernization projects by the district. The concerns about the impact on federal tax law, recommending that the SAB speak with a tax attorney to guarantee are raised.


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