Posts Tagged ‘bonds’

GOP lawmaker: fund schools with high-speed rail bonds

Monday, December 15th, 2014
scottwilk_portrait2013

A Republican lawmaker wants to turn money for California's high-speed rail project into funding for schools. Assemblyman Scott Wilk, R-Santa Clarita, introduced Assembly Bill 6, which would cancel outstanding bond funds approved by Proposition 1A, a 2008 voter-approved initiative to fund the st...

State, local governments misusing voter-approved bond money

Thursday, August 22nd, 2013
Politics, cagle, dogs, constantin, Aug. 21, 2013

  It seems common sense that bond money approved by a state's voters would be spent directly on the projects it was intended for. Unfortunately, lawmakers, trying to find resources to bandage constant budget imbalances, often raid bond funds by borrowing against them to finance other area...

Senate pushing nutty new school-finance scheme

Monday, April 29th, 2013

April 29, 2013 By John Seiler The state supposedly "balanced" its budget only with the Prop. 30 tax increase. Three California cities declared bankruptcy last year. Businesses keep streaming out to greener pastures. So what does the California Legislature do? Road trip! Steven Greenhut writes in ...

L.A. Unified uses ‘construction bonds’ to buy $500 million in iPads

Thursday, February 14th, 2013

Feb. 14, 2013 By Chris Reed My five-month-old crusade to get the California mainstream media to acknowledge the insanity of "construction bonds" which take 30 years to pay off being used routinely by school districts for short-lived electronics and basic maintenance hasn't gotten far yet. The most...

Will school finance scams be addressed? One of two at best

Sunday, December 9th, 2012

Dec. 9, 2012 By Chris Reed The push is on to gut Proposition 13, with the nominal rationale being the urgent need to help public education by making it easier to pass parcel taxes. But will the Democratic lawmakers behind this first do anything about two huge education finance scandals? I explore ...

Bankruptcy Series: Cities on a future spending spree

Friday, November 9th, 2012

Editor’s Note: This is the eighth in a CalWatchDog.com Special Series of in-depth articles on municipal bankruptcy. Nov. 9, 2012 By Wayne Lusvardi Are the staggering forecasted public pension obligations facing state and local governments in California the result of overspending or under-taxa...

Federal Reserve warns, Calif., other municipal bonds very risky

Monday, August 20th, 2012

Aug. 20, 2012 By Chriss Street Last week, we first reported first that "Permanent Link to Calif. sales tax revenue nosedives 33.5%," then that "Moody’s warns of mass Calif. municipal bankruptcies." During the Great Recession of the last four years, the California private sector was forced to slas...

Washington misreads California — again

Thursday, June 21st, 2012

June 21, 2012 By John Seiler If you've ever lived in Washington, D.C., as I did in 1977 and from 1982 to 1987, you know the place lives under a bubble. They have no idea what's going on in the rest of the country. But they tell us what to do. That's sure the case with E.J. Dionne, the Washington ...

Assembly committee kills bond misuse bill

Wednesday, June 20th, 2012

June 20, 2012 By Katy Grimes SACRAMENTO -- California's bond debt is on steroids, but it's the taxpaying residents who will be responsible for the financial meltdown. California politicians are well known for their budget fund shifts, "borrowing" from agencies and funds, and creative accounting ...

Fed Debt Default Imperils CA Budget

Thursday, July 14th, 2011

JULY 14, 2011 By WAYNE LUSVARDI Purgatory is a temporary place of agony, torment and suffering between heaven and hell.  that is apparently where California’s state budget might be headed if the federal government, by failing to raise the federal debt ceiling,  technically defaults on its fund...