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Tuolumne County Looks To Receive Funds From Bailout Package

Sonora, Ca — The Tuolumne County Board of Supervisors will vote on Tuesday whether to submit a letter to Treasury Secretary Henry Paulson requesting a share of the recently approved $700 billion economic bailout package.

A portion of the letter drafted by County staff reads, ?The County of Tuolumne stands to lose $2,000,000.00 from Lehman Brothers investments. The County´s loss of $2,000,000.00 will contribute to staff layoffs and program cuts. While we were not invested in risky instruments we are nonetheless suffering their same fate. The Act is to restore stability to financial institutions suffering these losses; it should also do the same for local agencies.?

The letter states that the funds are critical in providing essential services such as law enforcement, fire protection, maintenance of county roads and funds for education. The financial troubles of Lehman Brothers have resulted in many California agencies holding troubled assets.

Tuesday´s Board of Supervisors meeting begins at 9am in downtown Sonora.

Written by BJ Hansen