California school district will spend $1 billion to borrow $100 million. Poway Unified School District is down by San Diego. Pretty soon it will be down at the heels thanks to this decision.
This post was last modified on January 26, 2021
California school district will spend $1 billion to borrow $100 million
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I'm a fan of munis. Rule #1 in my muni investing strategy is avoid all munis from Kali. Rule #2 is to avoid munis from any state that is being run by loons on the left. If it's a blue state, I don't even want to see the prospectus.
You just have to look at it this way. These administrators likely went to school in Cali. Libtard math being what it is, this all makes sense to them.
It's all a house of cards, isn't it?
so they borrow this money for improvements/repairs now, that won't be paid for decades. what happens in twenty or thirty years when the buildings need new improvements/repairs? do they expect the stuff to last forever?
also, to pay back the loan, they need property values to quadruple or they will have to raise taxes. good luck with that now. who wants to buy a home knowing that the taxes are going to skyrocket in the future. if i was unlucky enough to live there now, i'd dump my house and run for the hills.
Hey, hey, what are you doing?! Are you, could you be... dammit, are you thinking ahead for God's sake? Stop it right now. This is California we're talking about. You should know better.
Golden State Worriers?
The article indicates that the "taxpayers wouldn't approve any new taxes", those bastards. So this is the solution to the Kali elected officials, borrow expensive money and strap the great grandkids. People will be cussing this generation for eons to come. It wouldn't occur to them like a normal person to cut back, or quit letting the unions direct the show and start doing what the people asked them to do, look out for the people. We have the worst educated, worst preforming students in the nation, sorry not true, we are #41, nine states are worse than us, but we do have some of the highest paid administrators in the world I think. How does that saying go, those who can do, those who can't teach and those who can't teach administrate. Well in kali it pays to be on the bottom of the heap! Like they say though, as Kali does so does the rest of the nation later on. Looks like Obutthead is not too far behind our little BrownButthead. All this environmentalist extremism is killing us, don't let it happen in your state, stop them if it's not too late...
from the article:
"Meanwhile, San Diego County school superintendents, presidents and administrators make a lot of money. More than a dozen average $227,000 in compensation as of 2010, latest data available. The superintendent of the San Diego County Office of Education earned more than $286,000 in base pay that fiscal year."
"So now a whopping $1 billion in future bond costs will go towards new classroom and library computers, state-of-the-art wireless data systems with increased bandwidth, new voice and video alarm systems, green “recyclable building materials,” and landscaping, among other things."
"Also, new storm water drainage systems to comply with the Federal Clean Water Act, as well as new “energy generation systems and facilities,” as well as “permanent, covered, outside eating areas.”
Considering the current interest rates who the hell did they borrow it from? Don Corleone?
Welcome to Kalifornia, where the insane truly do run the asylum....
What do they care? It's not like it's their money or anything like that. They will just rationalize it with the same old liberal talking point "It's for the children"
I saw this the other day on Fox and almost literally could not believe it. This school board makes the California Legislature look like a model of fiscal responsibility.