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(NPR)   Why we need a California tag: California schools districts taking loans that are "the equivalent of payday loans." One district now owes more than $1 billion on a loan of $100 million. Way to go, professional smart people   (npr.org) divider line 169
    More: Dumbass, Los Angeles Unified, National Intelligence Council, school districts, Bill Lockyer, loans, elementary schools, California State Treasurer  
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8723 clicks; posted to Main » on 11 Dec 2012 at 1:21 AM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-12-11 09:00:18 AM

Brick-House: [Are You Smarter Than A Fifth Grader.jpg]

California: Nope!


Don't worry, we're lowering the quality fifth graders's education, so you will be smarter soon enough.
 
2012-12-11 09:02:03 AM
Whoever told subby that school boards were composed of smart people? They are elected officials and, therefor, the antithesis off smart. An elected official can only be as good as his constituency can judge.
 
2012-12-11 09:03:46 AM

gweilo8888: You heard it here first, folks. Chicken Little Taxes has spoken.


I don't want to go on a tangent, though i think this is closely related. This is a very recent example. And it is at the country level of granularity. 

and another example, at the state level of granularity. But surely it will be different for California.
 
2012-12-11 09:09:05 AM

SlothB77: This is why the right is against raising taxes. It isn't that we want to pad the pockets of the top 2%. It is that when you raise taxes, spending always go up. And bureaucrats spend more irresponsibly.


This is what Conservatives actually believe.
 
2012-12-11 09:18:46 AM

SlothB77: gweilo8888: You heard it here first, folks. Chicken Little Taxes has spoken.

I don't want to go on a tangent, though i think this is closely related. This is a very recent example. And it is at the country level of granularity. 

and another example, at the state level of granularity. But surely it will be different for California.


It's cute how you think I'm reading all this. What I'm actually hearing is HURRR DURRRR DURRRR I'M A GREEDY FARKWAD.
 
2012-12-11 09:21:16 AM
This is why people should not vote for Obama and Democrats.

Same thing is happening with the country folks.
 
2012-12-11 09:31:07 AM

natewill: Can somebody calculate the APR of these bonds? Because it obviously isn't 10,000% or some of the other numbers people have bandied about. I think some folks are forgetting the time value of money and the advantages of zero coupon bonds, etc. If it's a 30-year issuance with no payments in the interim, one would have to calculate the projected value of $1 billion in today's dollars, and then calculate an APR from there? I don't know. Somebody from another thread calculated around 11%, which is high, but I don't know how accurate that is. I can't find a good calculator on google :(.


But that doesn't make the arrangement a good deal, says California State Treasurer Bill Lockyer. "It's the school district equivalent of a payday loan or a balloon payment that you might obligate yourself for," Lockyer says. "So you don't pay for, maybe, 20 years - and suddenly you have a spike in interest rates that's extraordinary."


Lockyer says 20 years so,
2.5 (million initial loan) * x *x *x *x... all the way out to 20
= 34 million (only payment at 20 years out)

so yeah x is about 1.14, or 14% interest

so considering current interest rates, and that this is a government entity, and just how retarded it is a local school district is constitutionally forbidden by the state supreme court from raising taxes to apply to local schools in the first place, they are getting royally screwed and so is everyone who has the misfortune to be ruled by these retards.
 
2012-12-11 09:32:36 AM
i know how to fix this. SUE THE SCHOOLS. Yay California!
 
2012-12-11 09:35:56 AM

Phoenix_M:
Prop 13 has jack shiat to do with the problems of California schools it's just a convenient excuse by politicians and idiots who don't understand how prop 13 works.


I've been here 25 years. I know exactly how it works, because I've seen it in action.
Property taxes are usually how schools are funded, with supplemental money coming from the general fund.
In 1978 anti-tax republicans decided to scare the locals with a bullsh*t "keep grandma in her house" ad campaign to get prop 13 passed, but the real reason they wanted it was that the state legislature wanted school funds to be distributed more equitably among districts. The wealthy districts and cities were having none of that (look up Serrano vs. Priest), so they engineered this proposition.

Prop 13 works by limiting the annual real estate tax on property to 1% of it's assessed value. That "assessed value" can only go up 2% a year, regardless of the property's actual value. This means that if over 5 years the actual value of a house doubles (as happened during the last real estate madness), the assessed value would only increase 10% in that time.

The main exception (there are others) is if the property changes owners, and the new owner gets to pay the current rate. This could mean that the owners of two identical houses across the street from each other could pay hugely different tax rates simply because one has owned their house for 20 years, and the other bought theirs last month.

This also results in new developments paying humongous tax rates to make up for older neighborhoods where everyone stayed put, and businesses are covered by this as well - which I suspect was the plan all along. If a corporation finds a way other than direct sale (and they do) to transfer property to another corporation, the new corporation pays the old corporation's property tax rate.

All this means that instead of property taxes rising and falling as they should with demographics, housing prices and other factors, more money has to come from the general fund to make up for the shortfalls in the budget. This also has the effect of reducing local control of districts, because control comes from where the money comes. The schools became so underfunded that another proposition (prop 98) had to be passed in 1988 mandating that a certain percentage of the state budget be spent on schools just to keep them running.

That's how prop 13 works, asshole.
 
2012-12-11 09:37:41 AM
No wonder they are bleeding tax paying population, soon the only ones left will be those on the dole and illegals with no one left to pay for all their shiat. So sad. Thank god they doubled down on solar, building useless bullet train, give illegals college tuition breaks, participate in the carbon credits scam, and are 26billion in debt.
 
2012-12-11 09:39:42 AM

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]


There is some "social justice" I can support. It only seems fair to allow Native Americans to rip off stupid Americans.
 
2012-12-11 09:42:02 AM

rewind2846: Phoenix_M:
Prop 13 has jack shiat to do with the problems of California schools it's just a convenient excuse by politicians and idiots who don't understand how prop 13 works.

I've been here 25 years. I know exactly how it works, because I've seen it in action.
Property taxes are usually how schools are funded, with supplemental money coming from the general fund.
In 1978 anti-tax republicans decided to scare the locals with a bullsh*t "keep grandma in her house" ad campaign to get prop 13 passed, but the real reason they wanted it was that the state legislature wanted school funds to be distributed more equitably among districts. The wealthy districts and cities were having none of that (look up Serrano vs. Priest), so they engineered this proposition.

Prop 13 works by limiting the annual real estate tax on property to 1% of it's assessed value. That "assessed value" can only go up 2% a year, regardless of the property's actual value. This means that if over 5 years the actual value of a house doubles (as happened during the last real estate madness), the assessed value would only increase 10% in that time.

The main exception (there are others) is if the property changes owners, and the new owner gets to pay the current rate. This could mean that the owners of two identical houses across the street from each other could pay hugely different tax rates simply because one has owned their house for 20 years, and the other bought theirs last month.

This also results in new developments paying humongous tax rates to make up for older neighborhoods where everyone stayed put, and businesses are covered by this as well - which I suspect was the plan all along. If a corporation finds a way other than direct sale (and they do) to transfer property to another corporation, the new corporation pays the old corporation's property tax rate.

All this means that instead of property taxes rising and falling as they should with demographics, housing prices and other factors, mor ...


And yet the dems have had total rule over the state for how long now? And yet they have done nothing about this horror you describe, why? They waste too much money on stupid shiat and elect stupid people who love to spend other peoples money and then take out loans in other peoples names and waste that too.... but yea, its all the gop from the 70s fault right? Please stay in Cali, you belong there.
 
2012-12-11 09:44:59 AM
CA is over 300 billion underfunded in just their state pension program.

Democrats know finance.

Go Michigan!
 
2012-12-11 09:49:23 AM

cman: And people gave me shiat for voting against every bond issue in November.

Guess what? We have to pay that money back.


Bonds are sometimes necessary. Can they be abused? Absolutely. That doesn't mean that there is never a time when a bond issue should be passed. For example: I live in a small town. Our main street is in ill repair and the sewer lines that run under it are crumbling. They applied for federal aid to get the street and the lines below it repaired, but were recently turned down. They may now have to float to a bond issue to get the work done. Yes, it's going to suck having to pay a little extra in taxes for the next 10 years, but it's not going to suck as much as shiating in the yard during a South Dakota winter after the sewer lines collapse.
 
2012-12-11 09:50:36 AM

rewind2846: That's how prop 13 works, asshole.



and prop 13 was a direct result of the asinine decision in Serrano.
it ALL comes back to that stupid liberal decision that essentially said it was racist, in so many words, for local communities to spend money locally on their own schools.

and this stupid ruling is the same reason this school district needs to pay take out a payday loan from wall street sharks because it is prohibited from just increasing the local sales tax a tenth of a percent, or the property taxes a hundredth of percent. you wanted it equal regardless of actual money contributed, you voted in those insane judges that agreed, now its all equally shiat. congratulations.

Background
Proposition 13 drew its impetus from 1971 and 1976 California Supreme Court rulings in Serrano v. Priest,Serrano[›] that a property-tax based finance system for public schools was unconstitutional. The California Constitution required the legislature to provide a free public school system for each district, and the Fourteenth Amendment of the United States Constitution (which includes the Equal Protection Clause) required that all states provide to all citizens equal protection of the law. The court ruled that the amount of funding going to different districts was disproportionately favoring the wealthy. Previously, local property taxes went directly to the local school system, which minimized state government's involvement in the distribution of revenue.
http://en.wikipedia.org/wiki/California_Proposition_13_%281978%29

http://en.wikipedia.org/wiki/Serrano_v._Priest
 
2012-12-11 09:50:48 AM

Thunderpipes: CA is over 300 billion underfunded in just their state pension program.

Democrats know finance.

Go Michigan!


Michigan would go but all the teachers are out sick protesting others right to work without union thugery
 
2012-12-11 10:00:57 AM

Joe Blowme: And yet the dems have had total rule over the state for how long now? And yet they have done nothing about this horror you describe, why?


1. because a 2/3rds vote is needed to change this, and the republicans will not vote for the change. There is no such thing as "total rule", as evidenced by the us congress. Checks and balances are always in place... or didn't you pay attention in 3rd grade civics?

2. Because californians, through the proposition process, have voted for sh*t they weren't intending to pay for. They love to vote for shiny new things, but shiny new things require shiny new money. Sometimes direct democracy fails.
 
2012-12-11 10:02:43 AM
Way to go, professional smart people

Um, these are education officials. If they were smart, they'd have a better job.

/former teacher
 
2012-12-11 10:21:11 AM

rewind2846: Joe Blowme: And yet the dems have had total rule over the state for how long now? And yet they have done nothing about this horror you describe, why?

1. because a 2/3rds vote is needed to change this, and the republicans will not vote for the change. There is no such thing as "total rule", as evidenced by the us congress. Checks and balances are always in place... or didn't you pay attention in 3rd grade civics?

2. Because californians, through the proposition process, have voted for sh*t they weren't intending to pay for. They love to vote for shiny new things, but shiny new things require shiny new money. Sometimes direct democracy fails.


Wait,you said it was all teh GOPs fault... now you say its the voters fault. What is that saying.... hmmmm... About using caution when asking for things?

Unless you count the first 2 years of obamas first term in which dems controlled both houses and ramed through obama care, but what do i know, i didnt even take civics in 3rd grade.
 
2012-12-11 10:26:21 AM
A local school district where I live was called out for this exact same thing and when the District Supervisor was interviewed on TV his answer in a nutshell was that by taking out this loan, they qualified and received an extra $15 million from the Feds. He never addressed the fact that they will have to pay back $25 for every $1 borrowed. My head assploded.
 
2012-12-11 10:33:52 AM

ecmoRandomNumbers: Many of you who biatch about the stupidity of public schools seem to forget that the teachers are never in charge of education. It's always dumbasses YOU elect. I have never met a smart school board member. Ever.

If teachers were actually in charge, things might be a lot different.


I met one. She won because she successfully argued that it might be nice if the school board had at least ONE teacher on it.
 
2012-12-11 10:35:10 AM

KyDave: 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]

Yeah, but their spokes-lady is quite hawt


Concur.
 
2012-12-11 10:36:48 AM

Snowflake Tubbybottom: simplicimus: ecmoRandomNumbers: simplicimus: ecmoRandomNumbers: Many of you who biatch about the stupidity of public schools seem to forget that the teachers are never in charge of education. It's always dumbasses YOU elect. I have never met a smart school board member. Ever.

If teachers were actually in charge, things might be a lot different.

In theory, an interesting proposal. But thanks to NCLB, teachers are limited to teaching to the test.

I know. It's why I work at Verizon instead of teaching now. Did that for 10 years. Education is screwed without a major overhaul. We will be developing nation status within a generation.

I didn't make it though my second semester of teachers ed. Classroom observation. In the 80's in NYC. Realized I didn't have the stomach for this. So, I bow to you for lasting 10 years.

Those who can, do. Those who can't, teach. Those who can't teach?

/ j/k cheap shot


Those who can't teach pass laws about teaching.

/nclb is horrible
 
2012-12-11 10:41:20 AM

Psycoholic_Slag: A local school district where I live was called out for this exact same thing and when the District Supervisor was interviewed on TV his answer in a nutshell was that by taking out this loan, they qualified and received an extra $15 million from the Feds. He never addressed the fact that they will have to pay back $25 for every $1 borrowed. My head assploded.


An extra $15m loan or grant? It might make sense to borrow $1m now, to get an additional $15m grant now, then pay back $25m in 20 years. To get a $15m loan on top of the $25m would be stupid.

TFA is maddeningly short on these details.
 
2012-12-11 10:47:36 AM
dang you liberal votin californians errr smart.... us dumb Texan's don't know nutin
 
2012-12-11 10:57:35 AM
I would like to point out that getting a $27M elementary school for a total cost of $34M is actually a decent deal.. The school was obviously at their bonding authority limit so they had to use non-bond sources of funding - which cost more. This is a 20 year term and it appears that they are paying a tad bit over 10% which isn't surprising for a distressed district. They may also have legally been required to build this school due to enrollment, so if this is the only option it is the only option.

/on my school board
//chair the finance committee
 
2012-12-11 11:03:02 AM

madgonad: due to enrollment,


How much of thoses are illegal immigrants but are ignored at the expense of actual citizens? Or do they have a dont ask dont tell system in place?
 
2012-12-11 11:08:21 AM

giftedmadness: Lol public schooling

scrooling

It is, after all, pubic edurcation.
 
2012-12-11 11:33:13 AM

vygramul: ecmoRandomNumbers: Many of you who biatch about the stupidity of public schools seem to forget that the teachers are never in charge of education. It's always dumbasses YOU elect. I have never met a smart school board member. Ever.

If teachers were actually in charge, things might be a lot different.

I met one. She won because she successfully argued that it might be nice if the school board had at least ONE teacher on it.


Teachers are the ones electing people. Teacher unions spend over $100,000,000 a year, every year, to keep democrats in power.
 
2012-12-11 11:38:16 AM

archichris: 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 sa ...


Quite frankly I feel there's more corruption at the local level then at the national level because people don't pay attention to their local politics.

Toronto just threw out our mayor over a corruption issue that some people find a little dumb, I'd argue that we need to watch our local politicians like hawks and not be afraid to call them out on their bullshiat, no matter how small the turd.
 
2012-12-11 11:46:32 AM

rewind2846: Joe Blowme: And yet the dems have had total rule over the state for how long now? And yet they have done nothing about this horror you describe, why?

1. because a 2/3rds vote is needed to change this, and the republicans will not vote for the change. There is no such thing as "total rule", as evidenced by the us congress. Checks and balances are always in place... or didn't you pay attention in 3rd grade civics?

2. Because californians, through the proposition process, have voted for sh*t they weren't intending to pay for. They love to vote for shiny new things, but shiny new things require shiny new money. Sometimes direct democracy fails.


California's Democratic now have a Supermajority and they promise not to abuse the power.. hahahah
 
2012-12-11 12:00:20 PM
And there is no telling where any of the money went.

My daughter is in Poway schools; traditionally the best schools in California.

I have to pay for everything for her classroom except text books and those are going to be delivered electronically and charged (they're trying to figure that one out still) to me, too. If she lives far away from school (we just moved closer so no longer an issue for me, but for other, poorer kids) I would have to pay $500 for her to ride the school bus. There is no free ride here and I have no clue what they're doing with my taxes.

So where did all the money go?
 
2012-12-11 12:13:07 PM
FTFA: Collectively, the districts have borrowed billions in loans that defer payments for years - leaving many districts owing far more than they borrowed.

The mystery of why is solved. It's a problem for a future school board, not today's school board.
 
2012-12-11 12:41:17 PM

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

Such a deal! (They must be white).


They are mostly white. Nearly 77% of the community is. The rest is mostly comprised of Hispanics and Asians.

I know you were trying to make a racially based joke. But yeah, face on you.
 
2012-12-11 12:48:39 PM

WhoGAS: And there is no telling where any of the money went.

My daughter is in Poway schools; traditionally the best schools in California.

I have to pay for everything for her classroom except text books and those are going to be delivered electronically and charged (they're trying to figure that one out still) to me, too. If she lives far away from school (we just moved closer so no longer an issue for me, but for other, poorer kids) I would have to pay $500 for her to ride the school bus. There is no free ride here and I have no clue what they're doing with my taxes.

So where did all the money go?


To the school board president's father's brother's nephew's cousin's former roommate so he can have a do-nothing job with a pension.

/Don't blame teachers, blame all the "admins"
 
2012-12-11 12:54:40 PM

jtown: "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]."


So this guy spent $34 million to get $25 million for free, and he thinks that's a good deal? It's only good because he'll be dead before someone has to cough up $34 million. Or he'll be strung up soon after that $34 mil comes due.

There was a huge public outcry when Poway took out that $1 billion CAB. Had a public meeting that overflowed the room, everybody but the school board thought it was criminally stupid, and the board never once backed down.

/ toss em in jail
// until they pay off the loans themselves
 
2012-12-11 12:57:32 PM
TFA: "The district needed $2.5 million to help secure a federally subsidized $25 million loan to build a badly needed elementary school...Ramsey says. "The only way we could do it was with a [capital appreciation bond]." Those bonds, known as CABs, are unlike typical bonds, where a school district is required to make immediate and regular payments. Instead, CABs allow districts to defer payments well into the future - by which time lots of interest has accrued. In the West Contra Costa Schools' case, that $2.5 million bond will cost the district a whopping $34 million to repay."


Yes - districts are allowed to defer payments, but nobody says they HAVE to. Sure -- get your hands on the $2.5M so you can secure that $25M loan...and then promptly pay the $2.5M back as soon as you have the cash in hand. You're left with a cheap $25M loan with which you can build a school. Yes, it's $25M instead of $27.5M (boo-hoo), but look! - no $34M balloon payment down the road. This doesn't seem very complicated...am I missing something?
 
2012-12-11 01:10:02 PM

madgonad: I would like to point out that getting a $27M elementary school for a total cost of $34M is actually a decent deal.. The school was obviously at their bonding authority limit so they had to use non-bond sources of funding - which cost more. This is a 20 year term and it appears that they are paying a tad bit over 10% which isn't surprising for a distressed district. They may also have legally been required to build this school due to enrollment, so if this is the only option it is the only option.

/on my school board
//chair the finance committee


The 34 million payment is just on the 2.5 million loan. The 2.5 million then secured another 25 million dollar loan. Glad your not chair of our finance committee, because it's not that complicated.
 
2012-12-11 01:37:48 PM
Many of you who biatch about the stupidity of public schools seem to forget that the teachers are never in charge of education. It's always dumbasses YOU elect. I have never met a smart school board member. Ever.

This
My nieces boyfriend got elected to the school board by visiting people in old folks homes.
 
2012-12-11 01:39:18 PM

relcec: madgonad: I would like to point out that getting a $27M elementary school for a total cost of $34M is actually a decent deal.. The school was obviously at their bonding authority limit so they had to use non-bond sources of funding - which cost more. This is a 20 year term and it appears that they are paying a tad bit over 10% which isn't surprising for a distressed district. They may also have legally been required to build this school due to enrollment, so if this is the only option it is the only option.

/on my school board
//chair the finance committee

The 34 million payment is just on the 2.5 million loan. The 2.5 million then secured another 25 million dollar loan. Glad your not chair of our finance committee, because it's not that complicated.


Yeah - I was going to point out that the $27m school wasn't costing $34m but $59m plus the interest on the $25m.

/Helped someone run for school board in 2009, and was reading over the proposed cuts. It takes a brave, smart person to be on a school board during economic downturns as severe as that one, because I was almost fetal from the number of jobs they were going to have to cut
//The Stimulus bill saved most of those jobs
 
2012-12-11 01:51:24 PM

gweilo8888: It's cute how you think I'm reading all this. What I'm actually hearing is HURRR DURRRR DURRRR I'M A GREEDY FARKWAD.


and then you'll say that republicans are the uninformed voters while wondering why raising taxes didn't work.
 
2012-12-11 01:59:05 PM

Joe Blowme: And yet the dems have had total rule over the state for how long now?


Even Republican Arnold Schwarzenegger turned liberal once he got into office in California. Even the republicans in California are liberals. And at the city and county level, it doesn't get any bluer.
 
2012-12-11 02:07:43 PM

vygramul: relcec: madgonad: I would like to point out that getting a $27M elementary school for a total cost of $34M is actually a decent deal.. The school was obviously at their bonding authority limit so they had to use non-bond sources of funding - which cost more. This is a 20 year term and it appears that they are paying a tad bit over 10% which isn't surprising for a distressed district. They may also have legally been required to build this school due to enrollment, so if this is the only option it is the only option.

/on my school board
//chair the finance committee

The 34 million payment is just on the 2.5 million loan. The 2.5 million then secured another 25 million dollar loan. Glad your not chair of our finance committee, because it's not that complicated.

Yeah - I was going to point out that the $27m school wasn't costing $34m but $59m plus the interest on the $25m.

/Helped someone run for school board in 2009, and was reading over the proposed cuts. It takes a brave, smart person to be on a school board during economic downturns as severe as that one, because I was almost fetal from the number of jobs they were going to have to cut
//The Stimulus bill saved most of those jobs


not sure why people don't raise taxes. in california that's illegal, but everywhere else, wtf is a couple hundreths of a percent on your property tax for a few years while the economy is in the shiatter. they were contemplating it here in austin I thought. think they got rid of some expected liability through attrition.
 
2012-12-11 02:18:09 PM

SlothB77: Joe Blowme: And yet the dems have had total rule over the state for how long now?

Even Republican Arnold Schwarzenegger turned liberal once he got into office in California. Even the republicans in California are liberals. And at the city and county level, it doesn't get any bluer.


Know how I know you don't know anything about San Diego? San Diego is red (but apparently trending purple-it voted for Obama), and Poway is +9 Republican. It's a Republican haven in a Republican city in a blue state.

/San Diegan
 
2012-12-11 02:28:58 PM
"The district needed $2.5 million to help secure a federally subsidized $25 million loan to build a badly needed elementary school."

"Why would you leave $25 million on the table? You would never leave $25 million on the table."

- Charles Ramsey, school board president, West Contra Costa School District

"In the West Contra Costa Schools' case, that $2.5 million bond will cost the district a whopping $34 million to repay."

That's why, you stupid f*ck. You spent $34 mil to get $25 mil. YOU ARE A F*CKING IDIOT.

I am in the wrong gotdamn business. I need to help fleece these idiots.
 
2012-12-11 02:30:35 PM

Mike Chewbacca: SlothB77: Joe Blowme: And yet the dems have had total rule over the state for how long now?

Even Republican Arnold Schwarzenegger turned liberal once he got into office in California. Even the republicans in California are liberals. And at the city and county level, it doesn't get any bluer.

Know how I know you don't know anything about San Diego? San Diego is red (but apparently trending purple-it voted for Obama), and Poway is +9 Republican. It's a Republican haven in a Republican city in a blue state.

/San Diegan


not sure how many times you can be told this and still not f*cking get it, but school funding isn't a local issue in California because of people like yourself. how can you be so f*cking uninformed about your own god damn state? yet with balls big enough to come in here and call out someone else. you're the problem, kid.


http://en.wikipedia.org/wiki/California_Proposition_13_%281978%29
Proposition 13 drew its impetus from 1971 and 1976 California Supreme Court rulings in Serrano v. Priest,Serrano[›] that a property-tax based finance system for public schools was unconstitutional. The California Constitution required the legislature to provide a free public school system for each district, and the Fourteenth Amendment of the United States Constitution (which includes the Equal Protection Clause) required that all states provide to all citizens equal protection of the law. The court ruled that the amount of funding going to different districts was disproportionately favoring the wealthy. Previously, local property taxes went directly to the local school system, which minimized state government's involvement in the distribution of revenue. This system also allowed a wealthier district to fund its schools with a lesser tax rate than the rate a less affluent district would have to set to yield the same funding per pupil. The Court ruled that the state had to make the distribution of revenue more equitable. The state legislature responded by capping the rate of local revenue that a school district could receive and distributing excess amounts among the poorer districts. As a result property owners in affluent districts perceived that the benefits of the taxes they paid were no longer enjoyed exclusively by the local schools.
 
2012-12-11 02:35:23 PM
you farktards don't even have a clue how your own state is funded apparently (otherwise you wouldn't be noting the political makeup of the local population when discussing funding individual district funding problems).
I live there 3 years and I pick this shiat up. you live in california forever and don't have the foggiest idea whats going but proceed to spread your misinformed beliefs on everyone else. for the life of me, I can't see why you f*cks could be having so many problems.
 
2012-12-11 02:50:44 PM
Businesses call these bridge loans, and that might very well be what they got. They're raw deals unless you have the funds coming in next month to pay them off and more, which is why they're called "bridge" - they span a short funds gap with a high interest rate to cover the costs. The minute you roll over bridge loans is the minute you start on the one-way path to bankruptcy.

They're a freaking school district, why the fark wouldn't they sell to the bond market in what's still one of the lowest cost bond markets in history? Even still, can't they refinance to bonds and cut their future obligations, at least? The stupid, it burns.
 
2012-12-11 02:51:39 PM

Free Radical: SlothB77: This is why the right is against raising taxes. It isn't that we want to pad the pockets of the top 2%. It is that when you raise taxes, spending always go up. And bureaucrats spend more irresponsibly.

This is what Conservatives actually believe.


75 Percent of Obama's Proposed Tax Hikes to Go Toward New Spending

wow, that burn is gonna be red a long time.
 
2012-12-11 03:04:03 PM
Guys,

In case you didn't notice, CA is run by the Democratic party. Occasionally we get a Republican governer but everything from the cities to the counties on up to the State level is dominated by Democrats. This is a fact, diputing it will just let the rest of us know how stupid you really are.

Criticizing CA for its idiocy in spending (*cough* buying votes *cough*) is the same as criticizing the Democratic Party which is FARKING TABOO here on Fark. Please stop this.

Thanks,
Your Friend and Welfare Sponsor,
Wook
 
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