PUSD Illegal cash-out bond refunding
Original post made by PEVC 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?
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