Lawmakers approve $30 million loan for financially troubled community college
June 29th, 2006 Posted in PressSan Jose Mercury News
Posted on Thu, Jun. 29, 2006
Lawmakers approve $30 million loan for financially troubled community college
Associated Press
SACRAMENTO - Lawmakers on Thursday approved a $30 million emergency loan to keep the financially strapped Compton Community College District afloat.
By a 65-5 vote, the Assembly approved changes made by the Senate to a loan bill by Assemblyman Mervyn Dymally, D-Compton, and sent the measure to Gov. Arnold Schwarzenegger, who plans to sign it.
The Senate approved the bill on Monday.
Supporters said the college would be forced to close without the bailout.
“If this bill fails to pass faculty will be terminated, and students will not have a place to be educated,” said Assemblyman Bob Huff, R-Diamond Bar.
The district has had financial problems for several years. Under legislation passed in 2004, the chancellor of the California community colleges system appointed a special trustee to manage the district.
Officials say the district’s finances have improved since then, but it still faces red ink.
The bill also provides for another community college district - El Camino - to provide classes for Compton students if the Compton district loses its accreditation because of its financial problems.
ON THE NET
Read the bill, AB318, at http://www.assembly.ca.gov or http://www.senate.ca.gov
