On Wednesday. May 21st, the West Contra Costa School District Bond Oversight Committee was upset over the debt waiver application.
One committee member said he was "mad as hell".
According to the Contra Costa Times, representatives from KNN Public Finance and other financial advisers said the district plans to ask the state Board of Education to increase its bonding capacity from the legal maximum of 2.5 percent of assessed property values in the district to 5 percent through 2025. Without the increase, the district would not immediately be able to draw money from the new $270 million Measure H on the June ballot, if passed, or from existing construction bond measures as quickly as the district wants.
The bond oversight committee did not accept the debt waiver application. It created a subcommittee to investigate the debt waiver application.
To read more on debt waiver application:
http://www.contracostatimes.com/richmond/ci_25817708/west-contra-costa-districts-bond-oversight-committee-mad?source=email
CBS KPIX TV News on May 21st Debt Waiver Application
http://sanfrancisco.cbslocal.com/2014/05/22/questions-raised-over-spending-in-east-bay-school-district-as-voters-weigh-bond-measure-education-west-contra-costa-county-unified-wccusd-richmond-pinole-hercules/
