Borrowing $105 Million Will Cost $1 Billion (San Diego, Poway: loan, houses, school districts)

[RedJacket]

Last year the Poway Unified School District made a deal: It borrowed $105 million from investors to fund a final push in its decade-long effort to revamp aging schools.

Where Borrowing $105 Million Will Cost $1 Billion: Poway Schools - Voice of San Diego: Education

They could've gotten a better deal from the Gambino Family.

[whiteboyslo]

I'd be more angry if this was the first time I've seen large social financial decisions made by older generations with such reckless judgment (especially when it means my generation and the ones behind me will be left with the bill), but it's not so I'm not. Guess it's time to pump out the kids, push 'em through PUSD, and get out of Dodge. Thankfully, given the 20 years I have until the bill comes up, it's do-able.

Mike

[hitman619]

WoW!
Poway school district throwing away money.
San Diego unified about to be taken over By the state.
Not a good time for some of the school districts right now!

[shmoov_groovzsd]

Not sure how the community feels about it, but that is poor governing. At least how it was portrayed and their attitude about it.

Considering Poway has easily one of the most reputable districts around, it would appear they are hedging their future growth around that.

Schools are big business so it would make sense from that perspective but the deal itself sounded awful.

[oddstray]

I wonder if the citizens of Poway had a chance to vote on this. If they did and are now upset about it, then they need to consider the future when they vote. If they didn't then I'd also probably be thinking about getting away from the area that's going to be having high taxes are lower municipal service to pay this back. I wonder if they haven't just shot themselves in the foot!

[RedJacket]

So they're not going to pay one dime against this loan for 20 years. A loan being used to revamp aging schools.

Well, by the time they make their first payment the schools will once again be aging and in need of revamping.

What a mess.

[hitman619]

Will Poway unified become a newer version of San Diego unified in 20 years?
My guess is that people will start unloading their houses at about the 18 year mark to avoid paying taxes.

[whiteboyslo]

Originally Posted by oddstray

I wonder if the citizens of Poway had a chance to vote on this. If they did and are now upset about it, then they need to consider the future when they vote. If they didn't then I'd also probably be thinking about getting away from the area that's going to be having high taxes are lower municipal service to pay this back. I wonder if they haven't just shot themselves in the foot!

Article is very in-depth. Short version: yes, we voted, but the real details were conveniently left out. But, in reality, when they offered this super new deal and promised to do it all without raising taxes, someone should've raised a hand and said 'uhm, how?'

Mike

[oddstray]

Originally Posted by whiteboyslo

Article is very in-depth. Short version: yes, we voted, but the real details were conveniently left out. But, in reality, when they offered this super new deal and promised to do it all without raising taxes, someone should've raised a hand and said 'uhm, how?'

Mike

It's almost a political certainty that the real details of what you're voting on are conveniently left out. On every issue. Unless there is a deep debate on an issue, it's probably a good idea for any voter to play devil's advocate on *everything*.

And yeah, if it sounds to good to be true, it either isn't true or it isn't good.

[photo4fun]

Originally Posted by oddstray

It's almost a political certainty that the real details of what you're voting on are conveniently left out. On every issue. Unless there is a deep debate on an issue, it's probably a good idea for any voter to play devil's advocate on *everything*.

And yeah, if it sounds to good to be true, it either isn't true or it isn't good.

+10000000000