California School district earns 'independence' from state control

Jill Tucker:

Richmond Unified, the first school district in California to go bankrupt and require a bailout loan, made its last payment to the state Friday - four years early.

District officials, in what is now called West Contra Costa Unified, squirreled away enough money during tough economic times to pay off the $29 million loan made 21 years ago.

The final payment of $8,130,607.58 was handed over to state Superintendent Tom Torlakson at Richmond's Ford Elementary Friday morning.

The settling of the debt ends two decades of state control over the district, which serves 30,000 students in 50 schools across five cities.

"We're ready to pay you off and get you out of our hair," school board President Charles Ramsey told Torlakson as he handed him the oversized check.

Posted by Jim Zellmer at June 3, 2012 1:20 AM
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