Loading ...
Sorry, an error occurred while loading the content.

West Contra Costa school district to retire old state loan, keep two campuses open

Expand Messages
  • c slamon
    West Contra Costa school district to retire old state loan, keep two campuses open By Shelly Meron Contra Costa
    Message 1 of 4 , Sep 8, 2011
    • 0 Attachment
      West Contra Costa school district to retire old state loan, keep two
      campuses open

      By Shelly Meron
      Contra Costa Times<smeron@...?subject=ContraCostaTimes.com:
      West Contra Costa
      school district to retire old state loan, keep two campuses open>
      Posted: 09/07/2011 11:25:33 PM PDT
      Updated: 09/07/2011 11:25:34 PM PDT

      With lots of applause and some argument, the West Contra Costa school
      board voted Wednesday to begin the process of paying off a state loan that
      has bogged the district down since the early 1990s, and to remove two
      elementary schools from the closure list.

      District staff will now take the first step in the payoff process -- hiring
      a state-approved auditor to look at the school district's finances and
      determine if it can pay off the $8.1 million loan that resulted from
      financial mismanagement 20 years ago.

      "This scarlet letter is finally off the district's lapel," said board
      President Charles Ramsey.

      The loan will be paid from the district's long term debt fund, which was
      established in the 1990s to put money aside each year to pay off the loan,
      and currently has $9 million in it.

      Under the earlier payment schedule, the loan would have been paid off in
      2018. If the loan payoff is approved by the state, West Contra Costa will
      see an ongoing $1.4 million saving in its general fund.

      The board also discussed Wednesday how to prioritize the money that would be
      freed up if the loan is repaid. Parents, teachers and students from Lake
      Elementary in San Pablo and Shannon Elementary in Pinole -- both chosen for
      closure by the board in 2009 -- came to ask that money previously set aside
      for the loan be used to keep the two schools open.

      Most board members were ready to vote Wednesday for keeping the campuses
      open. But board member
      Tony Thurmond questioned if the vote was properly agendized, and whether it
      would pose a violation of state open meeting laws.

      Still, the motion to remove Shannon and Lake from the closure list passed
      with Thurmond abstaining.

      here is the link to the entire article:
      http://www.contracostatimes.com/news/ci_18849556?nclick_check=1


      [Non-text portions of this message have been removed]
    • Norma J F Harrison
      interesting - that there s no assurance that you CAN pay it off.  Seems since you have the money you just could.  Do you have any idea why you have to wait
      Message 2 of 4 , Sep 8, 2011
      • 0 Attachment
        interesting - that there's no assurance that you CAN pay it off.  Seems since
        you have the money you just could.  Do you have any idea why you have to wait
        for approval to pay it?  I know that there are home-mortgage loans that are
        given with a pre-payment penalty.  That obviously is so the lender can make that
        planned amount of money on the loan.  Of course, that's given in exchange for a
        desirable term or two - lower interest rate, lower fee to arrange the loan....
        t/u
        Norma
        if this is of general interest you can repost my question to the list with your
        response.




        ________________________________
        From: c slamon <cslamon@...>
        To: wccusdtalk <wccusdtalk@yahoogroups.com>
        Sent: Thu, September 8, 2011 11:40:59 AM
        Subject: [wccusdtalk] West Contra Costa school district to retire old state
        loan, keep two campuses open

        West Contra Costa school district to retire old state loan, keep two
        campuses open

        By Shelly Meron
        Contra Costa Times<smeron@...?subject=ContraCostaTimes.com:
        West Contra Costa
        school district to retire old state loan, keep two campuses open>
        Posted: 09/07/2011 11:25:33 PM PDT
        Updated: 09/07/2011 11:25:34 PM PDT

            With lots of applause and some argument, the West Contra Costa school
        board voted Wednesday to begin the process of paying off a state loan that
        has bogged the district down since the early 1990s, and to remove two
        elementary schools from the closure list.

        District staff will now take the first step in the payoff process -- hiring
        a state-approved auditor to look at the school district's finances and
        determine if it can pay off the $8.1 million loan that resulted from
        financial mismanagement 20 years ago.

        "This scarlet letter is finally off the district's lapel," said board
        President Charles Ramsey.

        The loan will be paid from the district's long term debt fund, which was
        established in the 1990s to put money aside each year to pay off the loan,
        and currently has $9 million in it.

        Under the earlier payment schedule, the loan would have been paid off in
        2018. If the loan payoff is approved by the state, West Contra Costa will
        see an ongoing $1.4 million saving in its general fund.

        The board also discussed Wednesday how to prioritize the money that would be
        freed up if the loan is repaid. Parents, teachers and students from Lake
        Elementary in San Pablo and Shannon Elementary in Pinole -- both chosen for
        closure by the board in 2009 -- came to ask that money previously set aside
        for the loan be used to keep the two schools open.

        Most board members were ready to vote Wednesday for keeping the campuses
        open. But board member
        Tony Thurmond questioned if the vote was properly agendized, and whether it
        would pose a violation of state open meeting laws.

        Still, the motion to remove Shannon and Lake from the closure list passed
        with Thurmond abstaining.

        here is the link to the entire article:
        http://www.contracostatimes.com/news/ci_18849556?nclick_check=1

        [Non-text portions of this message have been removed]
      • c slamon
        I don t know why we have to get approval. Our loan was sold to a private bank some years back but whether this has anything to do with it, I just don t know.
        Message 3 of 4 , Sep 8, 2011
        • 0 Attachment
          I don't know why we have to get approval. Our loan was sold to a private
          bank some years back but whether this has anything to do with it, I just
          don't know. I think it's just a technicality required by the state.

          On Thu, Sep 8, 2011 at 12:48 PM, Norma J F Harrison <normaha@...>wrote:

          > **
          >
          >
          > interesting - that there's no assurance that you CAN pay it off. Seems
          > since
          > you have the money you just could. Do you have any idea why you have to
          > wait
          > for approval to pay it? I know that there are home-mortgage loans that are
          >
          > given with a pre-payment penalty. That obviously is so the lender can make
          > that
          > planned amount of money on the loan. Of course, that's given in exchange
          > for a
          > desirable term or two - lower interest rate, lower fee to arrange the
          > loan....
          > t/u
          > Norma
          > if this is of general interest you can repost my question to the list with
          > your
          > response.
          >
          > ________________________________
          > From: c slamon <cslamon@...>
          > To: wccusdtalk <wccusdtalk@yahoogroups.com>
          > Sent: Thu, September 8, 2011 11:40:59 AM
          > Subject: [wccusdtalk] West Contra Costa school district to retire old state
          >
          > loan, keep two campuses open
          >
          > West Contra Costa school district to retire old state loan, keep two
          > campuses open
          >
          > By Shelly Meron
          > Contra Costa Times<smeron@...?subject=ContraCostaTimes.com:
          >
          >
          > West Contra Costa
          > school district to retire old state loan, keep two campuses open>
          > Posted: 09/07/2011 11:25:33 PM PDT
          > Updated: 09/07/2011 11:25:34 PM PDT
          >
          > With lots of applause and some argument, the West Contra Costa school
          > board voted Wednesday to begin the process of paying off a state loan that
          > has bogged the district down since the early 1990s, and to remove two
          > elementary schools from the closure list.
          >
          > District staff will now take the first step in the payoff process -- hiring
          > a state-approved auditor to look at the school district's finances and
          > determine if it can pay off the $8.1 million loan that resulted from
          > financial mismanagement 20 years ago.
          >
          > "This scarlet letter is finally off the district's lapel," said board
          > President Charles Ramsey.
          >
          > The loan will be paid from the district's long term debt fund, which was
          > established in the 1990s to put money aside each year to pay off the loan,
          > and currently has $9 million in it.
          >
          > Under the earlier payment schedule, the loan would have been paid off in
          > 2018. If the loan payoff is approved by the state, West Contra Costa will
          > see an ongoing $1.4 million saving in its general fund.
          >
          > The board also discussed Wednesday how to prioritize the money that would
          > be
          > freed up if the loan is repaid. Parents, teachers and students from Lake
          > Elementary in San Pablo and Shannon Elementary in Pinole -- both chosen for
          > closure by the board in 2009 -- came to ask that money previously set aside
          > for the loan be used to keep the two schools open.
          >
          > Most board members were ready to vote Wednesday for keeping the campuses
          > open. But board member
          > Tony Thurmond questioned if the vote was properly agendized, and whether it
          > would pose a violation of state open meeting laws.
          >
          > Still, the motion to remove Shannon and Lake from the closure list passed
          > with Thurmond abstaining.
          >
          > here is the link to the entire article:
          > http://www.contracostatimes.com/news/ci_18849556?nclick_check=1
          >
          > [Non-text portions of this message have been removed]
          >
          >
          >


          [Non-text portions of this message have been removed]
        • Meron, Shelly
          Hi Chris, Just wanted to let you know that the article I wrote/posted last night has been updated with more details:
          Message 4 of 4 , Sep 8, 2011
          • 0 Attachment
            Hi Chris,

            Just wanted to let you know that the article I wrote/posted last night
            has been updated with more details:
            http://www.contracostatimes.com/news/ci_18849556?IADID=Search-www.contra
            costatimes.com-www.contracostatimes.com


            Shelly Meron
            K-12 education reporter
            West County Times
            Bay Area News Group - East Bay
            P: (510) 243-3578
            F: (510) 262-2776
            www.contracostatimes.com
            4301 Lakeside Drive
            Richmond, CA 94806

            Follow me on Twitter @shellymeron

            -----Original Message-----
            From: wccusdtalk@yahoogroups.com [mailto:wccusdtalk@yahoogroups.com] On
            Behalf Of c slamon
            Sent: Thursday, September 08, 2011 1:17 PM
            To: wccusdtalk@yahoogroups.com
            Subject: Re: [wccusdtalk] West Contra Costa school district to retire
            old state loan, keep two campuses open

            I don't know why we have to get approval. Our loan was sold to a
            private bank some years back but whether this has anything to do with
            it, I just don't know. I think it's just a technicality required by the
            state.

            On Thu, Sep 8, 2011 at 12:48 PM, Norma J F Harrison
            <normaha@...>wrote:

            > **
            >
            >
            > interesting - that there's no assurance that you CAN pay it off.
            > Seems since you have the money you just could. Do you have any idea
            > why you have to wait for approval to pay it? I know that there are
            > home-mortgage loans that are
            >
            > given with a pre-payment penalty. That obviously is so the lender can

            > make that planned amount of money on the loan. Of course, that's
            > given in exchange for a desirable term or two - lower interest rate,
            > lower fee to arrange the loan....
            > t/u
            > Norma
            > if this is of general interest you can repost my question to the list
            > with your response.
            >
            > ________________________________
            > From: c slamon <cslamon@...>
            > To: wccusdtalk <wccusdtalk@yahoogroups.com>
            > Sent: Thu, September 8, 2011 11:40:59 AM
            > Subject: [wccusdtalk] West Contra Costa school district to retire old
            > state
            >
            > loan, keep two campuses open
            >
            > West Contra Costa school district to retire old state loan, keep two
            > campuses open
            >
            > By Shelly Meron
            > Contra Costa
            Times<smeron@...?subject=ContraCostaTimes.com:
            >
            >
            > West Contra Costa
            > school district to retire old state loan, keep two campuses open>
            > Posted: 09/07/2011 11:25:33 PM PDT
            > Updated: 09/07/2011 11:25:34 PM PDT
            >
            > With lots of applause and some argument, the West Contra Costa
            > school board voted Wednesday to begin the process of paying off a
            > state loan that has bogged the district down since the early 1990s,
            > and to remove two elementary schools from the closure list.
            >
            > District staff will now take the first step in the payoff process --
            > hiring a state-approved auditor to look at the school district's
            > finances and determine if it can pay off the $8.1 million loan that
            > resulted from financial mismanagement 20 years ago.
            >
            > "This scarlet letter is finally off the district's lapel," said board
            > President Charles Ramsey.
            >
            > The loan will be paid from the district's long term debt fund, which
            > was established in the 1990s to put money aside each year to pay off
            > the loan, and currently has $9 million in it.
            >
            > Under the earlier payment schedule, the loan would have been paid off
            > in 2018. If the loan payoff is approved by the state, West Contra
            > Costa will see an ongoing $1.4 million saving in its general fund.
            >
            > The board also discussed Wednesday how to prioritize the money that
            > would be freed up if the loan is repaid. Parents, teachers and
            > students from Lake Elementary in San Pablo and Shannon Elementary in
            > Pinole -- both chosen for closure by the board in 2009 -- came to ask
            > that money previously set aside for the loan be used to keep the two
            > schools open.
            >
            > Most board members were ready to vote Wednesday for keeping the
            > campuses open. But board member Tony Thurmond questioned if the vote
            > was properly agendized, and whether it would pose a violation of state

            > open meeting laws.
            >
            > Still, the motion to remove Shannon and Lake from the closure list
            > passed with Thurmond abstaining.
            >
            > here is the link to the entire article:
            > http://www.contracostatimes.com/news/ci_18849556?nclick_check=1
            >
            > [Non-text portions of this message have been removed]
            >
            >
            >


            [Non-text portions of this message have been removed]



            ------------------------------------

            Yahoo! Groups Links
          Your message has been successfully submitted and would be delivered to recipients shortly.