The recent “expose” of school bonds (“The Big Borrow,” Dec. 6) in quite a few local school districts begs a few questions. How is it that a school board composed of well-meaning community volunteers is given the responsibility to make such far-reaching financial decisions without any mandated oversight? Are there not any laws in place that govern the structuring of bonds and their repayment schedule?
It appears that these recently issued bonds were brought to fruition by private entities that profited (some would say usuriously) in both the short and long-term at the expense of taxpayers and ultimately our school children. The bond industry sharks were kept at bay in Trinidad only to prey upon other districts that weren’t quite as street smart. This whole bond fiasco reeks of the same stench as the mortgage loan, real estate bubble and economic meltdown crises.
Elliott Levin, Trinidad
This article appears in The End of the World.
“How is it that well-meaning community volunteers are given the responsibility to make such far-reaching financial decisions?”
Only 12 well-meaning community members showed up to the McK school board meeting, no one showed up at the Eureka city council meeting to question issuing $8 million in bonds, and only 2 council members asked a few questions!
The problem is a halcyon media preoccupied with publishing “snappy”, entertaining pablum that’s stays “positive” for advertisers.
If not for a blogger who searched the L.A. Times for local news, this story would have remained hidden for anther 20 years…where it will soon return.