One district now owes more than $1 on a loan of $100 million.

Such a deal! (They must be white).

Way to go unprofessional dumb subby.

LOL! As fails go, that's a good one, subby!

Do they really need a 25 million dollar elementary school? Or do they just think they can pay 10% of what it costs and get free money from the government?

It seems like there should be another solution, but they probably legislated themselves into a corner by limiting class size, requiring so many square feet of football pitch per student, and other very nice, but not essential things.

Sucks to be them, sucks more to be the people who end up holding the bag when they municipality or school district goes Chapter 9.

I was going to blame some of this on assholes who don't have to worry about re-election by the time the bonds are due and get to live high on public adoration in the meantime. However, the guy they spoke to is a moron.

Who are they borrowing this money from, anyway?


fiver5: It's California, they can just raise taxes to get that money back.

Not really. That's part of their problem. Tax increases have to go to the voters or be approved by a congressional supermajority (if I'm not mistaken). Though the Democrats do have one of those in CA now...

"We'd be foolish not to take advantage of getting $25 million" when the district had to spend just $2.5 million to get it, Ramsey says. "The only way we could do it was with a [capital appreciation bond]."
...
Ramsey says it was a good deal, because his district is getting a brand-new $25 million school. "You'd take that any day," he says. "Why would you leave $25 million on the table? You would never leave $25 million on the table."

god i hate people sometimes.

In the West Contra Costa Schools' case, that $2.5 million bond will cost the district a whopping $34 million to repay.
Who are they borrowing from? Loan Sharks?

simplicimus: In the West Contra Costa Schools' case, that $2.5 million bond will cost the district a whopping $34 million to repay.
Who are they borrowing from? Loan Sharks?

vygramul: simplicimus: In the West Contra Costa Schools' case, that $2.5 million bond will cost the district a whopping $34 million to repay.
Who are they borrowing from? Loan Sharks?

[charlesmobley.files.wordpress.com image 800x486]

Just wow.

simplicimus: vygramul: simplicimus: In the West Contra Costa Schools' case, that $2.5 million bond will cost the district a whopping $34 million to repay.
Who are they borrowing from? Loan Sharks?

[charlesmobley.files.wordpress.com image 800x486]

Just wow.

Yeah - we get those ads here in VA. I never paid them much mind until I noticed the numbers in the fine print.

vygramul: simplicimus: vygramul: simplicimus: In the West Contra Costa Schools' case, that $2.5 million bond will cost the district a whopping $34 million to repay.
Who are they borrowing from? Loan Sharks?

[charlesmobley.files.wordpress.com image 800x486]

Just wow.

Yeah - we get those ads here in VA. I never paid them much mind until I noticed the numbers in the fine print.

We get those ads here in TX as well. That's a lot of vig.

School Districts are not running low on money, they are running low on common sense.

They build multi-million dollar sports complexes and pay millions in copying charges for gods sake.

Our local school district is DEAD LAST in our state, yet it spends more money than every other district int he state but one, over $15,000 per student per year.

That means by the time they graduate we have spent $180,000 on their k-12 education. Its insane.

The School District defends its policy of social advancement, sending children on from 3rd grade who cannot read at grade level. They claim to graduate 85% of their students, but they only count the ones who make it to Senior Year. They actually lose 50% of the students between freshman and senior years. Of those 85%, only 5% are certified ready for higher education or work without remedial training. They graduated, but they cannot do basic algebra or write intelligent reports. (intelligible)

We tried to get a new school board elected this last election, first time in 20 years they have been challenged from the outside. In the last 20 years every single school board member has been either picked by our local democratic party or is a former member of the school administration. They have wasted three quarters of a billion dollars on results that decline every single year for the last 20.

The single worst place you can put your children around here is the public school system, but because there is a 50 million dollar budget and unlimited taxation authority, the Democrats simply will not let it go. They even managed to recall a special ballot for a retiring member after one of our candidates was the only person to file to run in the special election.

It had literally not happened in anyones memory, they assumed there would be an appointment by the state department of education like always. So when our guy was the only one there, they put pressure on the County Clerk to recall the ballot, then had the state education director say that the election couldn't be held because the resignation wasn't accepted for 21 days......one day longer than the filing deadline. They went so far to ignore the fact that the information they used to deny the election WASNT AVAILABLE UNTIL AFTER THE BALLOTS HAD BEEN PRINTED.

They literally sat there with straight faces and said that information after the fact justified the actions taken before the fact. Which is a good thing for them, otherwise what they did would be illegal under state law. But the Governor is a democrat so go figure there was no interest in an investigation into the matter.


Blame your local school board if your schools owe a billion dollars, but good luck getting rid of them.

Property taxes pay for public schools.
California is the second hardest hit state in the housing crash.

drjekel_mrhyde: vygramul: simplicimus: vygramul: simplicimus: In the West Contra Costa Schools' case, that $2.5 million bond will cost the district a whopping $34 million to repay.
Who are they borrowing from? Loan Sharks?

[charlesmobley.files.wordpress.com image 800x486]

Just wow.

Yeah - we get those ads here in VA. I never paid them much mind until I noticed the numbers in the fine print.

I swear this is true: A illegal stole this guys identity and paid off half his debt. he was like "fark it I'll wait 4 more years before reporting it"

Did an illegal steal your n, ese?

bromah: This seems more like internal corruption to me. Someone got a kick back to take out he loan. Besides, Western Sky is under investigation/indictment for usuary and fraud.

Serious question:How can the US government act against a sovereign nation?

simplicimus: bromah: This seems more like internal corruption to me. Someone got a kick back to take out he loan. Besides, Western Sky is under investigation/indictment for usuary and fraud.

Serious question:How can the US government act against a sovereign nation?

Fine print says he is an individual member of the Nation, that's HOW.

rewind2846: Considering the asshole contingent in this state is holding on to prop13 (the one that totally farked how schools were supposed to be funded) like a fat kid to his last Twinkie, they may not have had any other choice.
When the landlord knocks at your door, you have two choices: get his money, or be homeless. And he doesn't care where or how you get his money, as long as you get it.

So, Fark you, pay me?
/Paulie

I could have sworn the Bay was "just East of San Francisco"

thomps: "We'd be foolish not to take advantage of getting $25 million" when the district had to spend just $2.5 million to get it, Ramsey says. "The only way we could do it was with a [capital appreciation bond]."
...
Ramsey says it was a good deal, because his district is getting a brand-new $25 million school. "You'd take that any day," he says. "Why would you leave $25 million on the table? You would never leave $25 million on the table."

god i hate people sometimes.

$34 million to finance a $25 million school sounds pretty good to me.