More than 200 school districts across California are taking a second look at the high price of the debt they've taken on using risky financial arrangements. Collectively, the districts have borrowed billions in loans that defer payments for years — leaving many districts owing far more than they borrowed.
In 2010, officials at the West Contra Costa School District, just east of San Francisco, were in a bind. The district needed $2.5 million to help secure a federally subsidized $25 million loan to build a badly needed elementary school.
Charles Ramsey, president of the school board, says he needed that $2.5 million upfront, but the district didn't have it.
Read or listen to it all.
Filed under: * Culture-Watch • Education • Psychology • * Economics, Politics • Economy • Politics in General • City Government • State Government • * Theology • Ethics / Moral Theology
Posted December 10, 2012 at 5:15 am
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2. Terry Tee wrote:
I got through to the article. Not for the first time I found myself thinking that public servants get away with practices that, in the business world, might bring a charge of malfeance. And usually not a knuckle is rapped. December 10, 4:42 pm | [comment link] |
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December 10, 11:33 am | [comment link]