Bailing Out Orange County

“Chronically behind in their fundraising, Orange County [California] Performing Arts Center officials said Tuesday that they will issue $180 million in bonds to ensure completion of a theater and a 2,000-seat concert hall. Center officials said they have raised $117 million in cash and pledges toward their $200-million goal to pay for the Renee and Henry Segerstrom Concert Hall, the 500-seat Samueli Theater and an education center. Officials previously said they had hoped to raise $130 million by the end of 2003. But in the past 11 months they have raised only about $5 million.”