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|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.