What kind of stupidity is this? That’s only about 5.7%, but staggered in such a way that the taxpayers will get absolutely hammered.
Cut the Keynesian horseshit and just raise taxes a bit.
This is a truly astounding story: San Diego’s Poway school district is paying $1 billion to borrow $105 million.
And it may not be alone in San Diego or the state paying loan shark rates.
According to a story in the Voice of San Diego, a mostly investigative online news site, the city really had no choice. It was either raise taxes or float what appeared to be just another bond to fix its schools.
Read here:
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This tells you all you need to know:
“With advice from an Orange County financial consultant”
Yes, THAT Orange County. I guess we now know what Robert Citron has been up to recently.