County pulls most of its funds out of investment pool

BRONSON - Up north in Tallahassee, the weather was too warm for a frozen pool from Nov. 30 to Dec. 6, but when it came to securing investments - that was a different story.

All activity in a state-run investment pool was frozen from Nov. 30 until Dec. 6 as the result of a run on funds. This impacted Levy County.

Florida Local Government Investment Pool (LGIP) funds are managed by the State Board of Administration (SBA). Emergency action to freeze the LGIP money came from the SBA Board -- Gov. Charlie Crist, Chief Financial Officer Alex Sink and Attorney General Bill McCollum.

The freeze resulted after the previous two-week span of county and municipal governments pulling about $10 billion out from the investment pool, according to records.

An erroneous report in Bloomberg News said $900 million of defaulted "asset-backed commercial paper" is almost 5 percent of the LGIP holdings, according to a Nov. 28 press statement from now-former SBA Executive Director Coleman Stipanovich.

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