UNITED STATES SECURITIES AND EXCHANGE COMMISSION

SECURITIES ACT OF 1933
Release No.  7590 / September 29, 1998

ADMINISTRATIVE PROCEEDING
File No.  3-9739

ADMINISTRATIVE PROCEEDING INSTITUTED AGAINST CITY OF
ANAHEIM, CITY OF IRVINE, IRVINE UNIFIED SCHOOL DISTRICT,
NORTH ORANGE COUNTY COMMUNITY COLLEGE DISTRICT, and ORANGE
COUNTY BOARD OF EDUCATION

     The Securities and Exchange Commission ("Commission")
announced that on September 29, 1998, it issued an Order
Instituting Public Administrative Cease-and-Desist
Proceeding Pursuant to Section 8A of the Securities Act of
1933 ("Order") against five California municipal entities:
City of Anaheim, City of Irvine, Irvine Unified School
District, North Orange County Community College District,
and Orange County Board of Education.  The Commission's
Order alleges that these entities issued over $400 million
in municipal securities in eight taxable note offerings in
1993 and 1994.  The Order further alleges that these
entities failed to disclose to investors that the proceeds
of the debt offerings would be invested in the Orange County
Investment Pools (the "Pools").  The Order also alleges that
the municipal issuers failed to disclose information about
the Pools' investment strategy, the risks of that strategy,
and the Pools' declining performance in 1994.

     A hearing will be scheduled to take evidence on the
staff's allegations and to afford the Respondents an
opportunity to present any defenses thereto.  The purpose of
the hearing is to determine whether the allegations are true
and whether any remedial action should be ordered by the
Commission.