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$179 million loan details anger California taxpayers

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  • Description

    School district withholds vital information

  • Duration 1:23
  • Date

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This transcript is automatically generated

So how could something like this happen.

Well in 2008 a referendum passed by 64% of voters.

Give the pal a unified school district VOK to borrow up to 179.

Million dollars to modernize the schools and bring them up to date.

The referendum promised voters they get the school improvements without increasing taxes the proposal was even endorsed by the San Diego County taxpayers association.

Naturally voters went -- in approved the measure but the county taxpayers association says the school district didn't disclose all the details.

Salay told us and promised us that their -- bond would cost a certain amounts and what has happened today is that that.

Price -- essentially doubles and it's costing more than what we originally were told it would cost.

Yes another 500.

Million dollars more.

The structure of the bonds allows repayment to be deferred until 2033.

By the time the debt is paid -- in 2051.

Taxpayers will shell out nearly a billion dollars that's nearly ten times the amount borrowed your.

Homeowner how Wayne 2033.

When he -- divide and you had to -- of that burden is that a good idea to be phoning home and how it that time.

It may not be it'd be -- -- look at how much it costs and at that time it's gonna cost them a lot of money -- -- home and -- 33 and otherwise if they -- an accident -- McCullough.

Fox 5 News.

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