California School District Cleared Over $1 Billion Debt
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A California school district’s decision to pay almost $1 billion in interest obligations for borrowing $105 million to build and modernize schools was upheld by a district-funded examination.
The Poway Unified School District in San Diego County kept its promise to voters and taxpayers when it deferred all payments on bonds sold to raise the money until 2033, according to the review by ESI International Inc., released yesterday. Subsequent debt service will rise from about $30.5 million in 2033 to more than $300 million in both 2046 and 2051, bond documents show.