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HomeMore on Municipal Malfeasance
Posted by Larry Doyle on August 15th, 2012 7:01 AM |
We should never discount the lengths to which some will go to fund a supposed immediate need via an exorbitant future expense. I highlighted specifics of just such a reality a few days back in writing Joel Thurtell Shames Poway, CA Financing.
What do others think of the financing Poway and other municipalities have undertaken? Not much. Bloomberg highlights further details of this horrendous situation in writing, California Schools Barring Taxes Push Bills to 2051,
California school districts are financing projects by pushing debt payments as far as 40 years into the future, defying a warning from the Los Angeles County treasurer while incurring interest that dwarfs principal by 10- to-1 or more. (more…)
Joel Thurtell Shames Poway, CA Financing
Posted by Larry Doyle on August 10th, 2012 7:56 AM |
Do not discount the lengths to which some will go to satisfy a perceived current need while screwing future generations with an exorbitant — dare I say usurious — bill.
Just another day atop Capitol Hill, you think? No, for this scandalous behavior let’s navigate to Poway, California where town leaders recently utilized a capital appreciation bond to finance selected school operations.
How do capital appreciation bonds work? Well if you wanted any evidence as to the ignorance of the American public and the willingness of local pols to go to any lengths to feed the pigs then this story truly takes the cake. (more…)
