Home › Forums › Financial Markets/Economics › Poway School Bonds
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August 9, 2012 at 11:06 AM #749848August 9, 2012 at 11:12 AM #749849
bearishgurl
Participant[quote=harvey] . . . There’s a helluva lot of undeveloped land inside the dotted line.[/quote]
Uhhh, harvey??
Have you been out there? Ever tried to build on 430 oversized boulders? Or even get permits to bring utilities out there?
Better to go to Ramona instead …. you’re almost there …
Case closed.
August 9, 2012 at 11:19 AM #749850bearishgurl
Participant[quote=ocrenter]I still think the biggest issue at hand is how the district can blow $150 million on just a high school. why does the high school need to be state of the art? I think most parents would be perfectly happy having a well constructed new school without all of the state of the art gimmicks.[/quote]
The City Chula Vista finished a brand-new state-of-the-art police station (of “mid-century design”) in 2003 on two city blocks. It has an attached pkg garage big enough for enough squad cars, K-9 vehicles, assorted trailers and employee vehicles to serve a population of up to 300K.
Cost was $66M.
[img_assist|nid=15874|title=Chula Vista Main Police Stn|desc=|link=node|align=left|width=100|height=67]
August 9, 2012 at 11:33 AM #749853sdduuuude
Participant[quote=harvey]Relax dude, I’m basically in agreement with the idea that this bond isn’t prudent, I just think the reaction here is overdone.[/quote]
Yeah. There’s a turd in the punchbowl and you are saying it’s just a small turd …
August 9, 2012 at 11:57 AM #749854Anonymous
Guest[quote=sdduuuude][quote=harvey]Relax dude, I’m basically in agreement with the idea that this bond isn’t prudent, I just think the reaction here is overdone.[/quote]
Yeah. There’s a turd in the punchbowl and you are saying it’s just a small turd …[/quote]
I believe that outrage should be proportional to turd size.
August 9, 2012 at 12:04 PM #749857bearishgurl
Participant“Typical” case in point. Beverly Hills HS (BHHS) was built in 1927 and, although likely rehabbed over the years, its original architecture remains the same today (excepting for a state-of-the-art track/football field, lol).
[img_assist|nid=16548|title=Beverly Hills High School|desc=|link=node|align=left|width=100|height=84]
It even has a long-standing oil-pumping tower called the “Tower of Hope” situated on campus. Originally operated by Venoco Oil Co, it predates the building of the school!
Here’s the gym/maintenance “quonset hut” and a the oil tower shown amidst skyscrapers, lol!
[img_assist|nid=16550|title=BHHS “Gym” and oil tower|desc=|link=node|align=left|width=88|height=100]
see: http://weburbanist.com/2010/04/18/school-fuel-beverly-hills-highs-tower-of-hope/
http://bhhs.bhusd.org/index.jsp
It seems BHHS in the 90210 is “good enough” for its resident families whose property values are 3-10 times those of the average PUSD owner and thus its district didn’t see the need to take out a voluminous subprime loan to rehab schools.
Ironically, 90210 and surrounds IS an area where likely THOUSANDS of longtime homeowners’ property taxes are kept artificially low by Prop 13 and there is no MR.
Go figure…
August 9, 2012 at 1:06 PM #749861The-Shoveler
ParticipantThe Director of engineering here lives in Beverly Hills HS district.
He does not send his kids to public school.
August 9, 2012 at 1:23 PM #749864bearishgurl
Participant[quote=The-Shoveler]The Director of engineering here lives in Beverly Hills HS district.
He does not send his kids to public school.[/quote]
Yes, a lot of parents residing in “the 90210” can afford to send their kids to the finest private schools in LA and even the state!
This is true with the residents of ALL affluent public school attendance areas in CA.
It’s a free country and even freer if you have a great income and/or a lot of money.
August 9, 2012 at 1:45 PM #749867The-Shoveler
Participant[quote=bearishgurl][quote=The-Shoveler]The Director of engineering here lives in Beverly Hills HS district.
He does not send his kids to public school.[/quote]
Yes, a lot of parents residing in “the 90210” can afford to send their kids to the finest private schools in LA and even the state!
This is true with the residents of ALL affluent public school attendance areas in CA.
It’s a free country and even freer if you have a great income and/or a lot of money.[/quote]
I would imagine Public Schools in Beverly Hills are a low priority versus say Police.
August 9, 2012 at 2:06 PM #749878dumbrenter
ParticipantHarvey,
Those who can’t do math will eventually have to go to work for those who can.
This is a very good deal that PUSD has gotten into. Hooray to all new home buyers in 4S & other PUSD neighborhoods.
Lets see, PUSD gets money now and promise to pay 20 years from now and even that is at a slightly higher interest rate. What is not to like in this plan?
Of course, I would not be a lender for such a risky idea, but kudos to PUSD for finding suckers to give them money.
Now, if only I could get a similar deal myself!It is sad to see Voice of San Diego joining in this manufactured outrage though.
August 9, 2012 at 2:15 PM #749883bearishgurl
Participant[quote=dumbrenter]Harvey,
Those who can’t do math will eventually have to go to work for those who can.
This is a very good deal that PUSD has gotten into. Hooray to all new home buyers in 4S & other PUSD neighborhoods.
Lets see, PUSD gets money now and promise to pay 20 years from now and even that is at a slightly higher interest rate. What is not to like in this plan?
Of course, I would not be a lender for such a risky idea, but kudos to PUSD for finding suckers to give them money.
Now, if only I could get a similar deal myself!It is sad to see Voice of San Diego joining in this manufactured outrage though.[/quote]
All I can say is, if you live within the PUSD, I hope you’re still a dumbrenter, dumbrenter. If you’re a homeowner/taxdebtor there, I hope you’re planning on getting out while you still can . . .
August 9, 2012 at 2:25 PM #749889dumbrenter
ParticipantI am still a dumbrenter at this time, but did you happen to read that there are statutory limits on how much of property taxes could go for debt servicing? and these smart homeowners get to vote too!! they would rather PUSD default than pony up more monies in taxes. So either way, its a good deal for all except the lenders unless they find another sucker to buy a derivative off it.
But 20 years from now we will have smart educated spawn of dumbrenter (assuming I move there) who benefited from the high quality education that PUSD provided with the borrowed money.[quote=bearishgurl][quote=dumbrenter]Harvey,
Those who can’t do math will eventually have to go to work for those who can.
This is a very good deal that PUSD has gotten into. Hooray to all new home buyers in 4S & other PUSD neighborhoods.
Lets see, PUSD gets money now and promise to pay 20 years from now and even that is at a slightly higher interest rate. What is not to like in this plan?
Of course, I would not be a lender for such a risky idea, but kudos to PUSD for finding suckers to give them money.
Now, if only I could get a similar deal myself!It is sad to see Voice of San Diego joining in this manufactured outrage though.[/quote]
All I can say is, if you live within the PUSD, I hope you’re still a dumbrenter, dumbrenter. If you’re a homeowner/taxdebtor there, I hope you’re planning on getting out while you still can . . .[/quote]
August 9, 2012 at 2:31 PM #749891The-Shoveler
ParticipantI think that is the general problem with “Special” School districts.
In Valencia, First it was the new developments in Valencia that had the “Special” school district,
Then it moved 10 miles further east, to Saugus Then they had the “Special” School district,
Now for the last ten years or so it is Stevenson’s ranch that has the Special School district.
What does that have to do with SD ? Nothing probably but just saying.
I think Temecula is still running a surplus… Sorry could not help it.August 9, 2012 at 3:10 PM #749896Anonymous
Guest[quote=dumbrenter]Harvey,
Those who can’t do math will eventually have to go to work for those who can.[/quote]I like that quote. Even though I don’t know if it’s true in general, it’s sorta worked for me. I’ve actually managed to do well in my (now former) career of “doing the math.” Never had more than a few people working for me though, and they all could do the math better than me…
[quote]This is a very good deal that PUSD has gotten into.
[…][/quote]
There’s the old saying: “If you owe the bank $100, it’s your problem, if you owe then $1 million it’s their problem.” This is has some characteristics of one of those situations. Even if they can’t pay, full-on bankruptcy may not be the only alternative, debt can often be renegotiated without BK.
August 9, 2012 at 3:46 PM #749902The-Shoveler
ParticipantSince most people move every 5 years or so, I put this on the calendar for August 9, 2017,
Lets see where this goes.
Hopefully this blog will still be here and the cast of characters. -
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