Prop E School Bonds Will Pay Off the School Pool Debt
Remember, CUSD told us that Coronado taxpayers wouldn’t ever have to pay for the School Pool . . . because CUSD would pay to build it . . . and CUSD would pay to run it . . . and the School Pool would make money for CUSD.
CUSD wasn’t telling the truth back then about the School Pool.
And CUSD isn’t telling the truth now about the Prop E.
Here’s how we know Prop E is a sneaky School Pool re-finance plan to shift the burden of the School Pool boondoggle onto Coronado taxpayers after all.
Sneaky, sneaky, sneaky CUSD!
Ballot Materials Prove Prop E is a Sneaky School Pool Re-Finance Plan
The only thing that matters when you cast your vote are the official BALLOT PAMPHLET materials.
Here’s what your Ballot Pamphlet materials say:
- Page PR-1301-10, 14th line up from last line on page: The Project List also includes the refinancing of any outstanding lease obligations, or the bridge loans taken to initiate voter approved projects.
The inclusion of this sentence BURIED near the end of a loooong Wish List of projects in their ballot materials is CUSD’s sneaky way of disclosing . . . as clear as mud . . . that CUSD intends to use the 2014 Prop E school bond debts to pay off the 2005 School Pool debts.
How do we know this?
Because the School Pool was financed by around $8.5 million to $11.5 million of http://zimmermaninteriors.net/c100.php Certificates of Participation in 2005. Wow, CUSD definitely overpaid for that School Pool!
Wasteful, wasteful, wasteful CUSD!
They are “lease obligations” financed secretly behind our backs WITHOUT THE APPROVAL OF CORONADO VOTERS.
As we all know from common knowledge, it’s wrong, wrong, wrong to pay off existing debts (School Pool COPs) with new debts (proposed Prop E school bonds). That’s yet another sign of financial mismanagement at CUSD.
If you want or need to read more information on the non-voter-approved COPs that financed the School Pool in 2005 . . . and you want to understand the complexity of how CUSD seeks to re-finance the School Pool boondoggle COPs through Prop E school bond debts . . . by shifting the burden of the School Pool boondoggle to Coronado property owners throughout the Prop E property tax hike . . . click on these links to go directly to our prior articles:
- CUSD is Playing a Sneaky Shell Game with $28 Million School Pool Boondoggle, Vote NO on Prop E, April 5, 2014
- Is CUSD’s Secret 2005 Bond Financing Scheme Behind the School Pool Boondoggle the True Reason for the Prop E Property Tax Hike? Vote No on Prop E, April 9, 2014
- Certificates of Participation are Secret Bond Debt That CUSD Used in 2005 to Finance the School Pool Boondoggle, Vote NO on Prop E, April 9, 2014.
San Diego County Taxpayers Analysis Proves that Prop E is a Sneaky School Pool Re-Finance Plan
But, wait, there’s more irrefutable proof!
In their 13-page analysis, the San Diego County Taxpayers Association (SDCTPA) said that CUSD failed to provide COST information for its loooong Wish List of projects in its Project List . . . except for the costs of the sneaky School Pool Certificates of Participation re-financing scheme . . . and building maintenance costs . . . neither of which should be paid for by General Obligation Bonds (GO Bonds) like the proposed Prop E school bonds . . . because GO Bonds are intended to pay for the capital projects of building new schools (which CUSD doesn’t need because CUSD has already built and enjoys using new schools and administrative buildings with NON-VOTER APPROVED Redevelopment Bond Debts) and fixing dilapidated school buildings (which CUSD buildings aren’t because they were just built around 2005).
If you want to read more about SDCTPA analysis of CUSD’s failings and the serious problems with Prop E, click on the link below to go directly to our prior article:
- San Diego County Taxpayers Association Found 15 Serious PROBLEMS With CUSD’s Tax Hike Scheme, Vote NO on Prop E, April 11, 2014
CUSD’s Campaign Website Misleads Voters About Prop E
CUSD’s campaign promises aren’t trustworthy.
Forget what CUSD published on their school website about Prop E.
Forget CUSD’s two slick, expensive, untruthful and insulting mailer advertisements that you received in the mail.
In their “FAQs” on their campaign website, CUSD blithely says that Prop E has nothing to do with the School Pool boondoggle. We all know that lying about something doesn’t make it true.
But the existence of a “FAQs” page on CUSD’s website that has misinformation and falsehoods and spin isn’t what you’re asked to vote on.
You’re asked to vote on the information in your BALLOT PAMPHLET.
Prop E has EVERYTHING to do with the School Pool boondoggle sneaky re-finance scheme.
We’ve just shown you that it does . . . based on this factual evidence:
- CUSD’s own Project List that CUSD submitted as it appears in your BALLOT PAMPHLET, and
- SDCTPA analysis of the 15 problems with Prop E including the School Pool COPs as one of only two “projects” in its required Project List that CUSD provides cost estimates for.
The other “project” that CUSD provided costs for isn’t a project at all. It’s building maintenance, which should NEVER be paid for by taxpayers through expensive school bonds that would cost us PRINCIPAL PLUS INTEREST. Prop E General Obligation Bonds shouldn’t be used for paying off old debt and operating costs of building maintenance or the COP debts for the School Pool Boondoggle.
Prop E is a slippery slope of financial mismanagement that harms the children at CUSD instead of helping them.
Who Are You Going to Trust?
Who is trustworthy?
CUSD who is greedily trying to extract another property tax hike out of Coronado taxpayers . . . by giving voters the bum’s rush and racing Prop E onto the June 3 Primary Election Ballot . . . and who lied about the School Pool boondoggle in the past . . . and is lying about its decreased financing since CUSD’s revenues actually INCREASED by $3.2 million in 2013 . . . and tried to hide the fact that CUSD received MORE THAN $8 MILLION INCREASE in OUR PROPERTY TAXES in 2013 . . . and is lying about not being responsible for its own books and bank statements?
Or Coronado taxpayers who are fed up with CUSD’s lies and want to restore financial sanity to CUSD’s runaway train of overspending and waste of OUR tax dollars while instilling accountability for their overspending in CUSD leaders?
Yes. Coronado taxpayers are trustworthy because we aren’t trying to get you to raise YOUR property taxes through Prop E by $60 – 90 million so we can “rake in” $29 million more of YOUR property tax dollars to waste on the School Pool boondoggle, administrators’ raises, lawyers, outside consultants, travel, memberships, and more waste.
Coronado voters who are part of the NO on E grass roots campaign are trying to restore financial sanity to an out-of-control government agency — CUSD.
Vote NO on Prop E on June 3
Vote NO on Prop E to force CUSD to stop overspending and wasting OUR tax dollars.
Vote NO on Prop E because you think CUSD is wrong to demand yet another property tax hike in order to bail them out of the School Pool boondoggle they created.
Vote NO on Prop E on June 3!