Kill This Bond
Every time a school bond is voted down in Southern California, we hear recriminations about selfish voters or older people or white people who are unwilling to pay to educate our state's immigrant children. Well, voters in Los Angeles have been among the more generous, approving four multibillion dollar school bonds in the past decade. But I suspect the $7 billion LA Unified School District bond just placed on the ballot is in deep trouble.
Check out this LA Times story on how the bond was put together -- or, more accurately, it became a Christmas tree of political goodies that more than doubled in size in the next two weeks. There is actually no plan at all for $2 billion of the $7 billion; they'll just use it to fund what they like. That's dangerous. The real question is why the school district, which has been unable to provide accurate checks to its teachers, thinks it deserves another blank check. Other questions is this really a good time to borrow? And why do we need more borrowing now, with enrollment flat and headed south? It would be better for the board to reconsider, pull this measure from the ballot before it is defeated, and try to come up with a reasonable, fiscally responsible plan for the district.


















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