Los Angeles, CA., Ever since Proposition 13 was approved by the California voters in 1978, there has been a Constitutional provision that public indebtedness must be approved by the voters.
A little known fact concerning the cost of bonded indebtedness is the amount of interest paid on general obligation bonds, infrastructure bonds, pension bonds, etc.
Angry citizens and taxpayers in Orange County are featured in an 8 minute FULL DISCLOSURET Internet video preview, describing why they have been challenging the proposed financing for construction of a new City Hall using Certificates of Participation (COP) bonds, without voter approval.
In a ten minute video blog featured on the Full Disclosure Network™ website via streaming video starting Monday, August 15, 2005 Los Angeles Unified School District (LAUSD) Board member David Tokofsky disclosed the existence of an unknown school financing operation which has been concealed from the public eye apparently to avoid scrutiny.
NON-VOTER APPROVED PUBLIC INDEBTEDNESS known as Certificates of Participation were used to finance the Belmont High School project which included a private retail infrastructure costing approximately $13 to $25 million, according to ANTHONY PATCHETT who said that investors were also not advised of the environmental problems or costs of remediation.
Secret bonds known as COPs (Certificates of Participation) bonds are being used by California cities, counties and school districts"to get a lot of cash up front to pay off their political patronage friends and then stick future generations of taxpayers without any voter approval of this long-tem debt."
Former Special Assistant L. A. County D. A. Anthony Patchett, who headed the Los Angeles Unified School District’s (LAUSD) Belmont Learning Center investigation has attacked the Full Disclosure Network™ video blog citing certain statements which he says indicate there was an “intent” by the LAUSD to violate federal and/or state laws governing the finance and construction of public schools.
In a bombshell expose of California’s massive unfunded public employee benefits Full Disclosure Network® is featuring a two-part series with public employee officials and finance expert B. Scott Minerd, CEO Guggenheim Partners, Asset Management.