[DogByte6RER]

[DogByte6RER]

More coverage here ...

Where Borrowing $105 Million Will Cost $1 Billion: Poway Schools

http://www.voiceofsandiego.org/education/article_c83343e8-ddd5-11e1-bfca-001a4bcf887a.html

[mylife]

Poway is a pretty high dollar place to live.
Looks like they are over leveraged on the dream.

[justa-hairyape]

In 20 years the students will all be Mexican citizens. Good luck getting that money out of their parents.

[randog]

“If we made [our kids] wait twenty years until the tax rate would have supported that, where would they be now?” he asked.

Uhhhmmmm...a billion dollars richer..??

[Tau Food]

District will begin financing the 40-year loan beginning in 2050?

. . .

It won’t begin paying it back until 20 years from now.

None of this is very clear to me. The district will begin paying off the loan "20 tears from now" (2032), but it won't begin financing the loan until 2050?

[varmintman]

Thomas Jefferson's take on the question of whether or not one generation could leave a public debt to the next.

.....Again suppose Louis XV. and his cotemporary generation had said to the money-lenders of Genoa, give us money that we may eat, drink, and be merry in our day; and on condition you will demand no interest till the end of 19. years you shall then for ever after receive an annual interest of 125/8 per cent. The money is lent on these conditions, is divided among the living, eaten, drank, and squandered. Would the present generation be obliged to apply the produce of the earth and of their labour to replace their dissipations? Not at all.......

[eyeamok]

And which part of the Constitution allows the State to Enslave Future Generations in Perpetual Debt in which they had absolutely no say in ??? I thought we outlawed Slavery?. When you consider this contract requires payment from “Future Investors” it is ILLEGAL on it’s face as a Pyramid Scheme. And should be invalidated by ANY Judge that bothered to read the Constitution. Involuntary Servitude should not be allowed, and yes that is exactly what it is.

[Wuli]

20, 30, 40 years from now those buildings will need to be (a) upgraded, (b) added to, (c) replaced and (d) and/or all the above;

it’s not as if capital spending for schools for the next 40 years is going to end with this one bond issue,

so by the time the local taxpayers have to start paying on this bond issue - 40 years from now, they will have already determined it was necessary to fund new bonds for new capital projects

so, in the next 20, 30, 40 years, the local schools taxes will become comitted to paying off new bonds, before payments on this bond issue even start.

These people are thieves and getting away with it. Someone needs to look at whose taking the bond debt and whose getting the construction work and where do any of their bank accounts intersect, even offshore, with any bank accounts of any members or relatives of members of the Poway school board.

What they - the Poway school board - are saying is - “long after we are dead, forty years from now, someone else is going to get the bill for our children’s education, and they are going to have to cut back on spending on education for their children to pay for it.”

The entire board should be locked up. They’re criminals.

[microgood]

It won’t begin paying it back until 20 years from now.

I would love to get a loan like this at my age.

[hosepipe]

Mafia?

[RichInOC]

Father in Heaven. They might be better off borrowing from the Mob.