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Around The Glen
Bank of America gives back $2.5 million in bonds it held for years
Bank of America agreed last week to a settlement that returns $2.5 million of misappropriated bond money to several government agencies in Santa Clara County, said County Executive Richard Wittenberg.
Bank of America had been the repository and "paying agent" of bonds issued in the 1950s and 1960s for public agencies across the state. In Santa Clara County, money was refunded to 23 school districts, nine special districts and the county Housing Authority.
Besides the county, the biggest sum returned went to the San Jose Unified School District which will receive $361, 102.77. School districts in the county received a total of more than $1.5 million.
When the bond issues were paid off, some funds remained unclaimed by the bond holders.
The monies were retained by Bank of America for the public entities, but were eventually taken by the bank, Wittenberg said.
The agencies sued Bank of America, and in November 1998, Bank of America agreed to a statewide settlement of $187,500,000. Santa Clara County claimed and received the entire amount it was missing, as well as $300,000 worth of fees for the negotiation of the settlement.
Wittenberg said that Bank of America agreed to the settlement because their behavior was inappropriate.
"You don't settle for those kinds of monies if you're sure you can win," said Wittenberg.
--Kate Carter
Become a Tree Amigo with Our City Forest
Our City Forest, a San Jose-based nonprofit organization that organizes tree plantings, is offering training for people who want to help with tree plantings. The volunteer group provides free trees for neighborhoods and individuals in the county who apply for them.
Certified arborists will train potential volunteers at six different sessions beginning Sept. 27, at the Our City Forest headquarters at 595 Park Ave., Suite 100.
Topics to be covered include tree planting, tree care, identification of tree species and urban forestry issues.
For more information, call Leslie at 408.998.7337.
--Kate Carter
City officials kick off School Safety Awareness Campaign
For a while, it was the safest street in the South Bay.
Mayor Ron Gonzales, accompanied by San Jose Police Chief William Lansdowne, county Sheriff Laurie Smith and California Highway Patrol Captain Jerry Tidwell kicked off the 2000-01.
School Safety Awareness Campaign by donning crossing guard garb on Sept. 11, and helping students at Seven Trees Elementary School make it safely across the street.
The campaign is a joint effort by the San Jose police, county sheriffs, CHP and the District Attorney's office to enforce traffic laws and raise awareness of children getting to and from school.
--Kate Carter
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Willow Glen, California Since 1992
