YORBA LINDA
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The city’s decision to sue over financial losses from the Orange County bankruptcy has led to a multimillion-dollar windfall that could be used to spruce up parks, roads and medians.
Yorba Linda could receive about $11 million from its lawsuit against the county and investment firm Merrill Lynch. That’s more than most cities have received, because Yorba Linda decided to sue the county and other entities seeking much more than the $1.8 million it lost from the bankruptcy, said Finance Director Susan Hartman.
Many cities settled with the county instead to recover most of their losses.
“We just considered the $1.8 million held by the county then as a long-term investment,” Hartman said, explaining that those funds were not to have been used for operations.
Council members will decide next month what to do with the money after attorneys fees are paid. Among the possibilities are building and road projects that have been passed over for lack of funds, said Interim City Manager Daniel Miller.
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