Remembering Mesa Valley D51 Schools 3B Mill Levy Overrride....or Cover for a $109 Million Bond Placement?
VetTheGov looks back to 2010-2011 when the Mesa Valley D51 was out spending your tax dollars to promote getting more tax dollars from local tax slaves regarding the 3B Mill Levy Override for lack of funding that would close schools immediately. What you weren't told was D51 had $109 Million reasons to beg for more more money. But thanks to a TABOR end around Bond restructure, D51 was bailed out along with the previous Bond holders making bank off of kids so called free educations. The main question needing asked is why didn't D51 save up for the repayment portions due? Simple you can just restructure and kick the can down the road to future generations!
Here we are in 2015 and not one school closed and better yet the movies and coffee we were asked to give up monthly for the mill levy increase, well it simply never applied to D51. Looking over the P-Card purchases during the 2014-2015 school year it appears Starbucks and Regal did just fine. $351.31 spent at local Starbucks and $5,693.45 spent at the local Regal movie theater. The next question you should start asking the local school board is who controls the P-Card's?
Next up is a new Participation Bond just released this month for another cool $7,355,000! This is where it gets somewhat interesting. On page 54 in this smoke & mirror offering you will notice Total Outstanding DEBT in the form of other recent Bond offerings. These Bonds total $88,200,000.00 or roughly $4,000.00 of Bond Debt per pupil currently enrolled in D51 schools. If you look at the 2011 Bond restructure and payment schedule the local taxpayers will need to hope D51 can structure its finances to take care of the Debt holders first! As of today it appears local taxpayers on the hook to the UNKNOWN investors for $156,462,191.00 until 2024 or $7,111.00 Bond Debt per pupil. Imagine how many Starbucks coffees you could drink or how many Regal movies you could watch each year if you didn't have an $11 Million Bond payment due each year?
Interesting side note: In 2010 The District 51 Foundation group started in order to attract investment for D51. However in the 2011-2012 CAFR report on page 2 NO funding had been reported through June 30, 2012. Interesting the Foundation had over $74,000 in received funding yet paid $11,268 for marketing only that year. In their 2013 990 filing it shows purchasing Barnes & Nobles Nooks for $49,260 and gifted them to D51.