History of IDEA
Jeannie Oakes, Founder and Former Director
Youth Voice in School Finance
NEW REPORT: Los Angeles' road to A-G for all
Without Dollars and Sense Powerpoint
Past Educational Opportunity Reports
LAUSD holds off on vote over taking on $320M in new loans
- 10-20-2010
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By Connie Llanos/Los Angeles Daily News
Los Angeles Unified officials postponed a vote Tuesday on a plan to take out $320 million in loans for new capital improvement projects after a recent report raised questions about the spending plan. District officials want to use certificates of participation, loans that fund projects and are generally repaid from the same fund that pays for salaries and supplies, to borrow money for projects including solar panel installations and relocating a police station. Under the plan, the district would pay back at least part of the loans with reserves left over from projects funded by voter approved bonds. A financial review by an independent company last week said spending the reserves to make payments on new loans could leave the district's building program in a deficit if unexpected costs occur, or if the state does not come through with all its promised funding due to the financial crisis. (more...)
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