City money put in shaky investment
By DAVE SHELTON
Article published on Wednesday, Jan. 9, 2008  |
LARGO – City Manager Norton “Mac” Craig claims that although the city withdrew all of its money invested in the shaky state investment pool, Pinellas County Tax Collector Diane Nelson deposited $632,000 of the city’s money in the State Board of Administration fund.
Craig previously told city commissioners that, as soon as hearing that the state investment pool’s credit rating had been reduced, the city had withdrawn almost all of its money, leaving just $1,000 to keep its account open.
The pool of county and municipal investments has been reorganized after it was learned in November that much of the money entrusted to it had been used for “sub-prime” mortgages that were failing.
Craig said the money invested in the SBA by the tax collector had been collected during November from Largo property owners. He said it was not the county’s to invest and, if any of it is lost, the city could sue for its recovery.
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Article published on Wednesday, Jan. 9, 2008
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