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SEP 30, 2016
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FRONT PAGE  |  9/30/2016
FRIDAY, AUG 10, 2012  |  3 comments
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 ...


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· Page 1 ·  Found: 3 user comment(s)
News Item8/12/12 4:57 AM
R.gr | australia  Find all comments by R.gr
equals slavery
3

News Item8/11/12 3:54 PM
Mike | Florida  Find all comments by Mike
Parents.... Homeschool your children! Get your priorities straight.
2

News Item8/10/12 12:58 PM
Eirene  Find all comments by Eirene
... 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
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