SITE NOTICE | MORE..WordPress Widget v1.6! New, CSS-friendly version of the Sermon Browser is now available with further customization. Please note that updating from the previous version will reset all of the saved widget settings. .. click for more info!
California School District Will Spend $1 Billion to Borrow $100 Million
It’s being called a loan not even a subprime lender would make.
A school district north of San Diego, Poway Unified, borrowed $105 million over 40 years by selling a bond so unusual that the State of Michigan outlawed it years ago. Taxpayers in the area will end up with a nearly $1 billion bill at the end of this deal.
The Poway school district is not the only one — three other California school districts in San Diego are set to gouge taxpayers in similar fashion. The San Diego Unified School district borrowed $164 million up front, but will owe a whopping $1.3 billion at the end of its long-term bond. Oceanside Unified sold a $30 million bond, but will owe nearly ten times as much decades later, $280 million total. And Escondido Union School District likewise borrowed $27 million and will owe $247 million total. (Will Carless and Joel Thurtell at the Voice of San Diego, a local blogger, has...
... and now all the kids that once received the education that these bonds paid for can come on here and lecture everybody else about fiscal irresponsibility.
1
There are a total of 3 user comments displayed | add new comment |