It’s being called a loan not even a subprime lender would make.
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.)
More
DelMarVa's Premier Source for News, Opinion, Analysis, and Human Interest Contact Publisher Joe Albero at alberobutzo@wmconnect.com or 410-430-5349
Why would anyone buy a house or invest in a business where the government would do such a thing. The end is near...
ReplyDeleteSounds like an Ireton plan
ReplyDeleteIt is right out in the open criminal behavior!
ReplyDeleteThe bankers who put these bonds together are raping the citizens and corrupt elected officials allow them to do it. The bankers have bought (but never paid) for the state and federal governments.