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CA school district taking out costly loan for taxpayers

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    How did deal slip through the cracks?

  • Duration 3:26
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Talk about kicking the can down the road southern California's -- unified school district.

Is taking out a 100 million dollar loan but here's the catch over time that loan will grow to -- one billion dollar bill.

Made out -- the taxpayers so how did such an outrageous deal slip through the cracks joining me now is at thirteen your rest.

Mr.

calabrese talent good morning to queries.

Good morning to understand his -- for citizens of this part of California was back in 2008.

And what are the reasons that it passed by 55%.

But because it was a promise that you as a citizen would not have to pay increase taxes and I correct.

Yes that's part of it they didn't actually disclosed to us how they intended to raise the funds.

They just asked for a general bond.

Show but to many tax -- citizens that seems like a good idea to modernize the schools and help out the students who go to those schools but then what did you find out.

Well what we found out is that it really wasn't for the children it was for the investors.

This is -- nine to one pay off.

800 million dollars could have been used to actually benefit the children.

What this is going to do though is benefit those that invested in them.

And also put a huge tax burden on the next generation.

So let's take a look at it is some of these school of issues -- sort of show the numbers.

So the -- for schools -- here's the San Diego unified Oceanside unified and Escondido union.

-- alone 164.

Million but the debt one point three billion so Clarice explains.

-- in the short term the taxpayers won't have to pay anything back but then what happens down the road.

What happens down the road is the first year which will be I believe that your twenty.

Of this bond.

There will be a fifty million dollar payment due and then the next year after that they'll be another fifty million dollars and what that comes out just about a fifth of the budget.

The board members at the time there are three of them that are now running for reelection in two -- comments and that would be -- -- green and pat how are running.

We only have one challenger for the house Jeff mangum is running for City Council he -- -- president -- this bond measure went through.

We need answers shame on them they and -- our neighbors and they did this to us knowing.

So was obviously we were going to happen.

You believe that they should not be reelected but that the -- and I don't know that that citizens there would have never known about this had it not been for -- whenever we have reporting right.

Right now will Carlos -- article was was awesome.

We were asleep at the -- there was no disclosure made to the voters there the ballot measure was very generic.

And we're used to this from Washington sad to say you know what kind of expect this deception this level of deception.

At a higher level but this was put -- by our neighbors they did this to our grandchildren.

And shame on them.

They knew better.

We trusted them well it sounds like a huge mess and for their upcoming generations huge big bill.

Click here we can't refinance out of it yet it's it -- -- that's right there's no way to get out of it either there's a very important point.

A Clarice tally thanks so much for getting up right here in the explain complicated series.

That's that's.

Thank you.

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