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

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  • 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 1 of 4 , Sep 8, 2011
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      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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