> San Diego's Poway Unified School District borrowed a little more than $100 million. But "debt service will be almost $1 billion," Lockyer says.
Poway's population is 48,518, comprising 16,128 households. 6,493 households have children, so this is costing them $154,012 per household with children for one expense, at a time when they already had several school buildings that were not old and were in good condition. The population of children is not increasing. It's certainly not the only expense to run the schools either.
How will the 16,123 households pay their $62,003 debt per household?
If they all sell their houses and assets it can be paid back.
Surely they won't be that dumb and will just default via Chapter 9 city bankruptcy? I'm mostly wondering who's dumb enough to trade good cash for bad debt on those terms.
As someone who lives in the area, the PUSD includes (very affluent) parts of San Diego. The district is huge, and its Mello-Roos income is also huge. This is absolutely outrageous. Rest assured, the entire school board will be dumped come the next election...
Poway's population is 48,518, comprising 16,128 households. 6,493 households have children, so this is costing them $154,012 per household with children for one expense, at a time when they already had several school buildings that were not old and were in good condition. The population of children is not increasing. It's certainly not the only expense to run the schools either.
How will the 16,123 households pay their $62,003 debt per household?
If they all sell their houses and assets it can be paid back.