"SDUSD homeowners are currently on the hook for $4.7 BILLION in debt for all previous bonds. What they receive for that debt, however, is further reduced in value due to the PLA." said CFEC's Eric Christen.
What are homeowners getting for all of this wealth they are giving up?
iPads that cost you and me $500 but SDUSD pays $4,000 to be paid back over 40 years. This means current SDUSD students' GRANDCHILDREN will still be paying off iPads that were thrown away 30 years before they were even born.
The facts regarding the failures of how Prop S money is spent certainly did not come from the District which has admitted that the records it keeps on how Prop S funds were spent are "incomplete" and essentially misleading.
"Voters need to know the fiscally reckless manner in which this District is spending billions in taxpayers dollars" added Christen. "This mailer will help accomplish this goal."
To date approximately 20% of the money authorized to be spent under Prop S has in fact been spent.