Most likely it would be cheaper to give them all the schools property and start over.
Yeah, sure he is. I bet he's as good at financial management as he is at wife management.
They went to one of those Payday Loan stores and did this bond?
People need to see the fine print before they vote to pass bonds
Note that it doesn't say "requires districts" ...
I call BS on these numbers. Unless there were derivatives involved I can’t see how these could compound so much.
Sloppy reporting. No mention is made about the interest rate and only a couple indefinite references to the length A ten times payout 30 years later would be just under 8%. If it is 40 years it would be just under 6%. Depending on when these were issued, like around 1980, those could have been great rates.
The people running these schools (and the whole country) are just stupid. BLINDLY stupid. They want to pretend that they had nothing to do with this. These school districts have attorneys who review bond proposals, don’t they? These things get debated and all that by the school board don’t they?
They couldn’t be bothered to look at the fine print? These people are the cream of the crop?
Bonds... lets pass it and find out whats in it!
Of course they blame the terms of the bonds, they can’t admit they were blithering stupid. If these people had any honor they would resign en masse and beg forgiveness of the local-district taxpayers.
They probably highlighted that bond as a reason to be re-elected didn’t they? Now, it’s not their fault - someone else did it. The issue they likely praised to get elected will now be the “we was robbed” issue to run for election next time.
Well if I were a lender I’d want pretty high interest rates to lend to a California political entity too. There is no telling whether those commies will ever pay their debts. What was it Lenin once said... “for the loans you gave us, we forgive you”.
Now, when I used that excuse, my mom bitchslapped me.
What makes this so funny is that the “educators” took a loan that defies common sense. I guess that only shows how “smart” the educators are.
They talk like the 2.5m was to get 25m for free, while if you read correctly its 2.5m for a federally subsidized loan of 25m?
I wouldn’t be surprised if the Teacher’s unions weren’t the prime finance source for these bonds.
There is no way, no way on earth, that politicians, much less local goofballs operating in boring little town council meetings that nobody pays attention to, should be allowed to encumber their constituents this way. No way. This is a failure of 6th grade mathematics.
Old news, but the LA Slimes and NPR waited till after the election where taxes were raised to report this boondoggle.
My first thought was that they could have saved money to go to a payday loan store...
Gotta feed that PENSION PIG. More fundraisers ahead!! That’s a LOT of See’s Candy to bridge that gap. LOL!!! Or maybe time for another Proposition on the Ballot to raise taxes for ‘THE KIDS’.. Yes, do it for ‘THE CHILDREN’.. /s
What the hell?
Did they go to one of those ‘Payday Loan’ places for the loan? ROFL! I bet each and every one of their classrooms has one of those expensive/fancy ‘smartboard’ things, and every student has an iPad for their “studies”.....
Those idiot politicians, and the morons that voted for them obviously deserve whatever they get. I hope they have to go bankrupt! (they probably already ARE, just not on paper quite yet)
It’s way past time to separate school and state.
This is what happens when Eric Holder’s people get to run things just because they’re Eric Holder’s people.
Charles Ramsey, Affirmative Action school board member, says: "Math is HARD!"
Woohoo! I have a checkbook full of blank checks so I can spend until it’s empty, wheeeee!