Okay, Friends this one is a bit convoluted so stick with me.
The latest State budget deal takes about $50 million away from Orange County. How come? Best I can figure it out is this: after the bankruptcy of 1995 the County sold recovery bonds and the State sequestered about $50,000,000 annually to pay off the bond holders from part of the Vehicle License Fee that was distributed to the County. Later when the VLF was swapped out for property tax income the payoff to bondholders still came from the VLF. When OC refinanced it’s debt in 2006 it started taking the VLF money directly from the State even though no other county got any of it.
Confused? In 2006 County Supervisor Bill Campbell said he wasn’t, but he failed to do anything about the money hanging out there according to Voice of OC (EA)’s Norberto Santana, here. It seems he didn’t want to address the issue and hoped everybody would forget about it. That lame strategy worked for about 5 years. Now the State is laying claim to the dough.
The worst malefactor here is County CEO Tom Mauk who has yet another catastrophe to lay claim to. Following swiftly on the heels of the disastrous Human Resource Department audit in which Mauk was busted giving his cronies huge raises and promotions, this latest calamity may prove to be the final nail in Mauk’s coffin.
Will three supervisors finally perform self cranial-rectal extraction and get rid of this bozo? They aren’t very bright but sooner or later…