California takes over Monterey County district

From The Los Angeles Times: The state of California is taking over the King City Joint Union High School District in Monterey County, which was facing bankruptcy. Gov. Arnold Schwarzenegger signed emergency legislation authorizing a $13 million loan to the district. A state takeover is required by law once such a loan is granted. John Bernard will be named the state administrator to oversee the district, which has a nearly $24 million budget to serve 2,134 students in a community 105 miles south of San Jose.