Curb use of fiscally reckless debt tools/Editorial PE
June 25th, 2013FYI
“Convenience is not a justification for saddling the public with excessive costs. But many school and community college districts have resorted to a type of borrowing that delays repayment at enormous long-term expense to taxpayers. Legislators should approve a bill that would curb the use of these fiscally reckless debt tools.”
“AB 182 would require that debt service costs be no more than four times the amount of the borrowing, and would constrain the bonds to a 25-year lifespan.”
“Reckless expedience is not the right fiscal policy for schools and community colleges. Education is a top priority for California, but not an excuse for abandoning common sense.”
Blog:
Yikes! AB 182 doesn’t go far enough.
Imagine being charged 4x (times) the amount borrowed, i.e., for every $1,000 borrowed, you would pay $4,000! Would that be a good deal? Of course not. And it is not a good deal for the public purse.
Publicly elected board members have become irresponsible concerning future debt level costs and you the taxpayer are held hostage to pay back these debts.
Taxpayers Wakeup. Your pockets are being picked.
(1 votes, average: 5 out of 5)
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It’s time to contact Mr. Lockyer and have him amend his debt ratio! and it is time to come clean on the real costs of the, ‘Pink Elephant’ located near Sunset Avenue in the City of Banning! Seems strange that MSJC Admin always goes to Bookstore Operations for emergency funds and then inform the public, via media, that the Bookstore is in fiscal disarray! Hopefully the BOT can see thru this smoke screen and place this, ‘Proud Locomotive’, on the correct track to fiscal success!
“Only the Shadow knows” !