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IN RE COUNTY OF ORANGE

Bankruptcy Nos. SA 94-22272 JR, SA 94-22273 JR.

179 B.R. 185 (1995)

In re COUNTY OF ORANGE, a political subdivision of the State of California; Orange County Investment Pools, an instrumentality of the County of Orange, Debtors. ALLIANCE CAPITAL MANAGEMENT L.P. and Putnam Investment Management, Movants, v. COUNTY OF ORANGE, Orange County Investment Pools, Respondents.

United States Bankruptcy Court, C.D. California.

March 8, 1995.

Attorney(s) appearing for the Case

Bruce Bennett, Stutman, Treister & Glatt, Los Angeles, CA, Sp. Reorganization Counsel, for debtors.

Robert Darby, Fulbright & Jaworski, and Clarisse W.J. Young, Paul Hastings Janofsky Walker, Los Angeles, CA, for movants.

MEMORANDUM OPINION

JOHN E. RYAN, Bankruptcy Judge.

On June 7, 1994, the County of Orange (the "County") issued bonds aggregating $169,000,000 pursuant to the "temporary borrowing" provisions of California Government Code §§ 53850-53858. Pursuant to § 53856, the County pledged certain future tax and other general revenues to pay the principal and interest on the notes.

Alliance Capital Management L.P. and Putnam Investment Management...

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