In the News & Updates Archives

California League of Bond Oversight Committees Dissolution (CaLBOC)

California League of Bond Oversight Committees (CaLBOC) on January 15, 2021 filed with the Secretary of State a Nonprofit Certificate of Dissolution. This action was taken by written consent of all nine CaLBOC directors by counterpart signatures between November 8, 2020 and December 3, 2020. The resolution included the following:

  • “RESOLVED, that the board has determined it to be the best interests of the Corporation to dissolve at this time.”
  • “RESOLVED FURTHER, … approves distribution of the remaining assets to Howard Jarvis Taxpayers Foundation ($1,523.42) … .” (dollar amount added)

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Little Hoover Commission Testimony, CaLBOC, and Current CABOC Directors 

January 5, 2021 | By Bradley Bermont | Pasadena Star-News

EXCERPT: … El Rancho Unified officials didn’t have much of a holiday vacation, meeting for nearly four hours between Christmas and New Year’s Eve to sign off on a 13-page response to a state audit that found evidence of potential fraud within the district’s $200 million Measure ER bond program.
     The response — submitted on Dec. 30 to county officials who ordered the state audit — detailed how the district would change its policies, procedures and accountability measures to shore up numerous shortcomings identified. …
     Superintendent Frances Esparza made similar remarks, stating, “This is not a document for us to understand exactly what happened.” … “The only way we are going to find out what really happened is once the District Attorney receives this report and looks into it a little further,” Esparza said. …
     The audit was singularly focused on the district’s internal fraud controls, saying they were hampered by a rotating cast of superintendents and chief business officers, and warned about past involvement from board members who inappropriately inserted themselves into a hiring process that should have been led by district staff. … READ MORE:

https://www.whittierdailynews.com/2021/01/05/el-rancho-promises-changes-after-state-audit-finds-potential-fraud/

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Little Hoover Commission Testimony, CaLBOC, and Current CABOC Directors 

Several CaLBOC directors testified in September 2016 before the California Little Hoover Commission (LHC), a bipartisan independent California oversight agency to promote economy and efficiency in state and local government, including Anton Jungherr and Nick Marinovich. In February 2017, the LHC published their report “Borrowed Money: Opportunities for Stronger Bond Oversight” which included six recommendations to improve the effectiveness of Citizens’ Bond Oversight Committees.
      Former members of CaLBOC wanted to prioritize implementation of the recommendations from the LHC, therefore formed a new association, CABOC. With the dissolution of CaLBOC, CABOC is the only statewide nonprofit organization existing to address the recommendations of the LHC.
      One of the LHC recommendations stated: “Develop easy-to-access online training materials for members of Citizens’ Bond Oversight Committees. Specifically, the Governor and Legislature should direct and authorize one-time funding to the Fiscal Crisis and Management Assistance Team to develop online training for local Citizens’ Bond Oversight Committee members, with input and assistance from the California Debt and Investment Advisory Committee and the California League of Bond Oversight Committees.”
     California Association of Bond Oversight Committees (CABOC) was incorporated on September 19, 2019 as a California Nonprofit Public Benefit Corporation by Jack Weir and Anton Jungherr. “The specific purpose of this corporation is to provide training, assistance, and encouragement to California School Proposition 39 Citizens’ Bond Oversight Committee Members through development of training materials, delivery of online training, conference, workshops, formation of regional groups of California Citizens’ Bond Oversight Committees and representing common interest at the statewide level.”
     Implementation of the LHC recommendations will guide the focus and work of CABOC.

 

The Megataxers

An Investigation into the California School Bond Process
and those that are Behind the Scenes Making Millions

FIRST IN A SERIES | July 9, 2021 | By Jonesy Smith and Brian Hews

Excerpt: … The Megataxers are individuals, companies, partnerships, architects, engineers, lawyers, developers, financiers, underwriters, and unions who court local school board members and encourage them to pass massive public school bond resolutions.

They professionally frame ballot measures created and designed to secure the votes of residents of their districts to invest, in the name of education, into public spending programs for the capitalization of districts, or so they say. …

The first wave hit the Bassett Unified School District, Measure BB. The wave first rolled in at $50 million; the tax rate statement showed that it churned into $96 million in costs of issuance and interest for BUSD taxpayers.

The second wave soaked the foothills and the communities surrounding Citrus Community College, Measure Y.  This wave was nearly three times the size of BUSD’s, clocking in at $298 million, but the swell grew to more than $500 million in costs and interest.

The third wave, modest in comparison, hit Duarte Unified School District, Measure S, at $79 million,  which swelled to $147 million.

But that’s nothing compared to Inglewood Unified School District’s Measure I. That wave started at $240 million, but crested at well over $469 Million.

The next wave,  the biggest of the set, was LAUSD’s Measure R.R. Timed with Ethnic Studies, feigning the amount of $7 billion, but really coming in at over $11 billion.

Second to last was Pasadena Unified School District, proffered with Non-Citizen Voting on the agenda, at $516 million, swelling to $798 million.

The end of the set was Whittier Union High School District, a $183 million bond that will cost $406 million.

Governor Gavin Newsom sought $15 Billion for the entire State; this is $13 billion in Los Angeles County alone.

Through a series of investigative stories, we will expose the individuals and firms who contributed funds to get the bonds passed,  imposing a staggering $13 billion dollars in property taxes in L.A. County – under the rubric of education, but really to line their own pockets.

This is a series about the source of the waves, a study of who did it, where they started, and the ultimate revelation of a very startling fact.

Over the next few weeks, we will take a look at the rainmakers and wave makers riding high atop the surface of the waters as the public drowns in waves of debt. …

READ MORE: http://www.loscerritosnews.net/2021/07/09/investigation-megataxers-schmooze-school-boards-to-pass-ten-of-billions-in-bonds/