Secret School Bonds Create Billions of Dollars of Debt #VB4
July 7, 2005No Comments
Los Angeles, CA. While investigating the Los Angeles Unified School District’s (LAUSD) $330 million Belmont Learning Center fiasco, the Full Disclosure Network® discovered a secret public financing operation whereby they quietly issue non-voter approved, tax-exempt bonds, mounting billions in public debt, and which is passed on to unsuspecting taxpayers for undefined projects .
The seven minute video blog features clips from national, state, and local figures including:
- Edwin Meese, III , U.S. Attorney General (1985-88),
- California State Controller Kathleen Connell (1995-2003)
- Anthony Patchett special district attorney and head of the L. A County D.A.’s Belmont investigation
- LAUSD Chief Facilities Executive Jim Mc Connell,
- LAUSD Inspector General Don Mullinax,
Anthony Patchett describes the LAUSD financing operation as a “pyramid scheme to defraud the voters” and Jim Mc Connell confirms the existence of a secret public benefit corporation saying the LAUSD Land Bank is funded by Certificates of Participation (COP) bonds. Also LAUSD Inspector General Don Mullinax describes the extent of outstanding liability to the LAUSD and former State Controller Kathleen Connell said the use of COP bonds is a way to circumvent Proposition 13, which mandated voter approval for public indebtedness. Ed Meese describes the secret bond financing process as a “gimmick” to fool the taxpayers.
The Secret School Bonds video blog is to be released on Internet on Monday, July 11, 2005. This seven minute video presentation is made possible by video streaming from the www.fulldisclosure.net website and features an Interactive survey for viewers to cast votes and make comments on the controversial public financing operations.
Since December 2004, the Full Disclosure Network® has produced and distributed over 14 hours of interviews with the key players in the LAUSD Belmont Learning Center scandal. In 2002 a Special Series entitled “ L.A.’s War Against Terrorism” received an Emmy Award for Public Affairs and Informational programming from the Academy of Television Arts and Sciences.