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.
Yes they are and I would think that the lenders would have boards that would wonder about the wisdom of making such loans.
I suspect maybe they know they can stick the taxpayer either way. The lender and borrower both are pretty stupid, or maybe they are just corrupt? Naw, couldnt be.