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Re: [wccusdtalk] West Contra Costa school district to retire old state loan, keep two campuses open

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  • 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 1 of 4 , Sep 8, 2011
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      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 2 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]



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