California School District Will Spend $1 Billion to Borrow $100 Million

snip~
A school district north of San Diego, Poway Unified, borrowed $105 million over 40 years by selling a bond so unusual that the State of Michigan outlawed it years ago. Taxpayers in the area will end up with a nearly $1 billion bill at the end of this deal.

The Poway school district is not the only one — three other California school districts in San Diego are set to gouge taxpayers in similar fashion. The San Diego Unified School district borrowed $164 million up front, but will owe a whopping $1.3 billion at the end of its long-term bond. Oceanside Unified sold a $30 million bond, but will owe nearly ten times as much decades later, $280 million total. And Escondido Union School District likewise borrowed $27 million and will owe $247 million total. (Will Carless and Joel Thurtell at the Voice of San Diego, a local blogger, has been tracking these bond developments.)


Published August 08, 2012FOXBusiness


more @
http://www.foxbusiness.com/investing/2012/08/08/california-school-districts-spend-1-billion-to-borrow-100-million/#ixzz236PXdCXb

Taxpayers...AGREED...to this.....Seriously?       I suppose it was "for the children" feigned sigh, arm on forehead.

Quote from: JustKari on August 09, 2012, 08:56:32 PM
Taxpayers...AGREED...to this.....Seriously?       I suppose it was "for the children" feigned sigh, arm on forehead.

I sure it is only in there school district.  Myself I would be moving out of the district. 

Quote from: walkstall on August 09, 2012, 09:13:19 PM
I sure it is only in there school district.  Myself I would be moving out of the district.

I moved out of the state 11 years ago. Best move I ever made.