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Only in California: Borrow $100 Million to Owe $1 Billion

Barbara1247 Wrote: Aug 09, 2012 5:35 PM
There is no earthly reason why our children and grandchildren should feel obligated to repay these crazy loans (or our national debt for that matter).

Poway California, population 47,811 as of 2010, has placed an enormous bet on rising home prices and tax revenues. Poway borrowed $105 million but will not start to pay that amount back until 2033 at which time they will owe $877 million in interest.

Clearly this would be fiscal insanity anywhere, but it is especially true in California given Proposition 13 that caps property taxes.

The Voice of San Diego reports Where Borrowing $105 Million Will Cost $1 Billion: Poway Schools

Last year the Poway Unified School District made a deal: It borrowed $105 million from investors to fund a...