The Emeryville Unified School District, once one of the wealthiest school systems in California, now finds it has overspent its budget and must issue iou’s instead of paychecks to school employees.
The district--through the county superintendent’s office--issued registered warrants on April 29 to about 70 teachers, administrators, and nonteaching personnel.
The warrants were redeemable at two local credit unions that will receive 5-percent interest on each iou cashed, according to William J. Murray, school superintendent.
Meanwhile, the district has applied for a $600,000 loan from the state. The General Assembly has endorsed the measure; it was expected to be approved last week by the Senate.--sf
