RE: [wccusdtalk] West Contra Costa school district to retire old state loan, keep two campuses open
- Hi Chris,
Just wanted to let you know that the article I wrote/posted last night
has been updated with more details:
K-12 education reporter
West County Times
Bay Area News Group - East Bay
P: (510) 243-3578
F: (510) 262-2776
4301 Lakeside Drive
Richmond, CA 94806
Follow me on Twitter @shellymeron
From: email@example.com [mailto:firstname.lastname@example.org] On
Behalf Of c slamon
Sent: Thursday, September 08, 2011 1:17 PM
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
On Thu, Sep 8, 2011 at 12:48 PM, 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 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....
> if this is of general interest you can repost my question to the list
> with your response.
> From: c slamon <cslamon@...>
> To: wccusdtalk <email@example.com>
> Sent: Thu, September 8, 2011 11:40:59 AM
> Subject: [wccusdtalk] West Contra Costa school district to retire old
> loan, keep two campuses open
> West Contra Costa school district to retire old state loan, keep two
> campuses open
> By Shelly Meron
> Contra Costa
>[Non-text portions of this message have been removed]
> 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:
> [Non-text portions of this message have been removed]
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