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.
I’m glad you noticed that too.
So essentially, they pay 34 M for 10% down on a LOAN for 25 M.
This, in a nutshell, the entire problem facing the state of California.
Oh how I wish I could leave this failed state.
Cheers (ish)
knewshound