Where Borrowing $105 Million Will Cost $1 Billion

News

Where Borrowing $105 Million Will Cost $1 Billion

From the Reporter
Paying $1 Billion for $105 Million
Last year, the Poway Unified School District borrowed $105 million. It won’t start paying back the loan for 20 years.
During that time the debt will grow and grow as interest piles up. Future taxpayers will pay down the loan over 20 years, from 2031 to 2051.
What People Are Saying About the Bond
“If they ever told the truth, they would never get these approved by the voters.”
Glenn Byers, Los Angeles County assistant treasurer and tax collector.
“This is way worse than loan sharking. And Poway is the poster child. What they have done is absolutely insane.”
Michael Turnipseed, executive director of the Kern County Taxpayers Association in central California.
“This is a perfect example of how something that’s done today can adversely affect the next generation and the generation after that.”
Dan McAllister, San Diego County treasurer and tax collector.
What District Officials Say
“We could have authorized more taxes, it would just have been breaking the promises we made to the community.”
Todd Gutschow, Poway Unified board member.
“We knew the voters wanted these projects, and we knew they wanted them sooner rather than later.”
John Collins, Poway Unified superintendent.

Show Comments
Loading