Skip to comments.The bank, the school and the 38-year loan
Posted on 03/19/2013 1:01:44 PM PDT by sissydi
The fliers touted new ballfields, science labs and modern classrooms. They didn't mention the crushing debt or the investment bank that stood to make millions. In early 2008, residents of Placentia and Yorba Linda approved a $200 million school construction bond after reading those fliers and being assured repeatedly that "their money will be spent wisely." What happened instead was that Measure A led to a debt so large and long lasting that it has mortgaged the future of their children's children.
(Excerpt) Read more at ocregister.com ...
Politician liars? Say it ain’t so.
Hey no problemo. Just confiscate all the personal retirement and savings accounts of those residents of the district.
It’s not like it’s a new tactic.
Actually I think this is funny. I like it whhn leftists get effed so they can see how it feels. The Feds eff me every year...
When pols say “bonds” it sounds like an honest, kind of an American tried-and-true thing. But what it really means is:
<><> endless taxpayer debt burdens-—
<><> huge bonding company profits til the end of time w/ a cut for the pols-—
<><> politician/insiders making fortunes (each of them planting personal financial bombs within the bonding mechanism that go off regularly).
“What happened instead was that Measure A led to a debt so large and long lasting that it has mortgaged the future of their children’s children.”
Sounds just like Social Security...
I remember an LA area school that cost over a hundred million, they say the teachers lounge looked like a night club... and then they had no money to operate it.
The high school on Pico cost $578 million.