Los Angeles, CA. Jon Coupal, President of the Howard Jarvis Taxpayers Association has raised the possibility of a legal challenge for the misuse of bond funds by the Los Angeles Unified School District (LAUSD) on the latest Full Disclosure Network™ video blog.
In this ten minute video blog, moderated by Emmy Award winning hostLeslie Dutton questions were raised as to the legality of the LAUSD use and method of repayment of non-voter approved Certificates of Participation (COP) bonds currently amounting to almost one billion dollars that funded the notorious Belmont Learning Center and other unknown projects.
Others appearing on the video blog with Coupal, discussing little known facts about the LAUSD and the proposed $3.95 billion bond (Measure Y) on the November 2005 ballot are:
David Tokofsky: L. A. School Board Member reveals the LAUSD undisclosed plan to use proceeds from the $3.95 billion bond (Measure Y) to pay off non-voter approved bonds called COPS, Certificates of Participation. (These little known bonds were used to build the now $400 million Belmont Learning Complex after the LAUSD Bond oversight committee objected to using the BB Bonds for the controversial Belmont project.) Also he describes how the District intends to “swap funds” to free up money for salaries and benefits, books and supplies where COPS cannot be used
Jon Coupal: President Howard Jarvis Taxpayers Assn. He told Full Disclosure™ that his organization would consider legal action if the LAUSD attempted to use general obligation bond money to retire the outstanding Certificates of Participation (COPS).He also described the LAUSD as the “poster child for school mismanagement and bad use of taxpayer funds” and that his organization removed their representative from the LAUSD BB Bond oversight committee because the District has a practice of “outright lying” to the oversight committee.
Don Mullinax: Former LAUSD Inspector General told Full Disclosure™ that after six years the District is still paying off the Certificates of Participation (COPS) on Belmont after the new and never occupied buildings were demolished in December 2004. He added that LAUSD has approximately $1 billion in outstanding COPS.
Anthony Patchett: Former Special Assistant District Attorney, Head of the Belmont Task force Investigation of LAUSD’s Belmont Learning Complex disclosed that ($17 million ) of COPS were used for the retail portion of the project in violation of IRS rules. Patchett was removed as Head of the Task Force after submitting a draft indictment and scheduled a Grand Jury. D.A. Steve Cooley, issued his own report, later claiming there was no wrong doing. Experts are now predicting the unfinished Belmont will cost over half a billion dollars and will never be safe for use as a school due to the toxic hazards, even after remediation which could cost up to $114 million.