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<blockquote data-quote="Babagounj" data-source="post: 1065318" data-attributes="member: 12952"><p>Care to explain this.....</p><p>[h=1]School District Owes $1 Billion On $100 Million Loan[/h]</p><p>More than 200 school districts across California are taking a second look at the high price of the debt they've taken on using risky financial arrangements. Collectively, the districts have borrowed billions in loans that defer payments for years — leaving many districts owing far more than they borrowed.</p><p> In 2010, officials at the West Contra Costa School District, just east of San Francisco, were in a bind. The district needed $2.5 million to help secure a federally subsidized $25 million loan to build a badly needed elementary school.</p><p> Charles Ramsey, president of the school board, says he needed that $2.5 million upfront, but the district didn't have it.</p><p>Ramsey says. "The only way we could do it was with a [capital appreciation bond]." </p><p>Those bonds, known as CABs, are unlike typical bonds, where a school district is required to make immediate and regular payments.</p><p> Instead, CABs allow districts to defer payments well into the future — by which time lots of interest has accrued.</p><p></p><p> In the West Contra Costa Schools' case, that $2.5 million bond will cost the district a whopping $34 million to repay.</p><p></p><p>Do you suppose he too watches Fox News ?</p></blockquote><p></p>
[QUOTE="Babagounj, post: 1065318, member: 12952"] Care to explain this..... [h=1]School District Owes $1 Billion On $100 Million Loan[/h] More than 200 school districts across California are taking a second look at the high price of the debt they've taken on using risky financial arrangements. Collectively, the districts have borrowed billions in loans that defer payments for years — leaving many districts owing far more than they borrowed. In 2010, officials at the West Contra Costa School District, just east of San Francisco, were in a bind. The district needed $2.5 million to help secure a federally subsidized $25 million loan to build a badly needed elementary school. Charles Ramsey, president of the school board, says he needed that $2.5 million upfront, but the district didn't have it. Ramsey says. "The only way we could do it was with a [capital appreciation bond]." Those bonds, known as CABs, are unlike typical bonds, where a school district is required to make immediate and regular payments. Instead, CABs allow districts to defer payments well into the future — by which time lots of interest has accrued. In the West Contra Costa Schools' case, that $2.5 million bond will cost the district a whopping $34 million to repay. Do you suppose he too watches Fox News ? [/QUOTE]
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