PUSD Illegal cash-out bond refunding
Original post made by PEVC, Another Pleasanton neighborhood, on Mar 26, 2011
However, the CA Attorney General in January 2009 said
“Absent specific approval from the district’s electors, a school district may not issue refunding general obligation bonds at a price or an interest rate that will generate proceeds in excess of the amount needed to retire the designated outstanding bonds.”
The Attorney General’s report is here Web Link
A Bloomberg article on how school districts used this illegal maneuver is here Web Link
So, who’s telling the truth?
The California Attorney General or Asst. Supt. Luz Cazares?