Thursday, January 31, 2013

Massive Scam: School districts pay dearly for bonds

The San Francisco Chronicle reports on the scam of the century:
The Napa Valley Unified School District had a quandary: The district needed a new high school in American Canyon, but taxpayers appeared unwilling to take the financial hit required to build it.
Will this stop the statists?
So in 2009, the district took out an unusual loan: $22 million with no payments due for 21 years. By 2049, when the debt is paid, it will have cost taxpayers $154 million - seven times the amount borrowed.
What better proof that public education has no short term or long term accountability? Public education is a very, very bad idea.