Orange Co. Selling to Its Treasury. (cover story)

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    • Subject Terms:
      ORANGE County (Calif.); CALIFORNIA
    • Abstract:
      This article reports that Orange County, California, is planning to issue taxable notes to get a jump on its pension obligations for fiscal 2007. These notes will be purchased by the county treasury for its investment pool. The plan to issue $116.7 million in taxable pension obligation notes was approved by the county Board of Supervisors in January 2006. The notes will mature over 18 months. According to David Brodsly, the county's financial adviser for the deal, it is an unusual transaction, because it is being placed with the county treasury pool and it's being structured as an arms-length transaction.