A big story in The Los Angeles Times Thursday takes a look at school district-borrowing statewide using capital appreciation bonds.
The Times analyzed state data to conclude that roughly one-fifth of school districts in California have borrowed money by selling capital appreciation bonds, which don’t require any repayments for as long as 20 years.
The story gives us a hat-tip for writing about the Poway Unified School District’s now-infamous billion-dollar bond deal last year. (Though we weren’t the first to report on the bonds. As we’ve noted, Michigan blogger and former journalist Joel Thurtell deserves the credit for publishing the first stories on Poway’s deal.)