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Journal of No. 118

December 11th, 2012

Why do people put things they can't afford on their credit cards? @ 01:01 pm

"Those bonds, known as CABs, are unlike typical bonds, where a school district is required to make immediate and regular payments. Instead, CABs allow districts to defer payments well into the future — by which time lots of interest has accrued.

Perhaps the best example of the CAB issue is suburban San Diego's Poway Unified School District, which borrowed a little more than $100 million. But 'debt service will be almost $1 billion,' Lockyer says."
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Date:December 14th, 2012 05:13 pm (UTC)
"Some of the bonds can be refinanced, but most cannot, Lockyer says."

...why not? (Unfortunately, the article doesn't say.)

If they can't be refinanced, that seems like a completely separate fuck-up.

Journal of No. 118