School Bond Money – Where Does it Go? … Where Will it End? #379-380
August 3, 2005No Comments
Los Angeles Unified School Bonds
1997 BB Bonds $2.4 Billion
2000 K Bonds $3.48 Billion
2004 R Bonds $3.85 Billion
2005 Bonds $3.95 Billion
Running Total $13.8 Billion
Los Angeles, CA. In December of 2003 Jim McConnell chief executive for Facilities/Operations of the Los Angeles Unified School District appeared on the Full Disclosure television program to promote an $8 billion school expansion program that has since been upgraded to $15 billion in 2005.
In the presentation Mc Connell defends the no-bid contract awarded on the controversial Santee Dairy property saying “it was a good business deal.” And when asked how he handles the powerful and politically connected people who want to influence the multi-billion dollar expansion program, he says that he has no trouble with that at all.
Full Disclosure Network™ is releasing a nine (9) minute video presentation containing excerpts from the Mc Connell 2003 interview that will begin running on the Internet via streaming video starting Thursday, August 4, 2005 on the www.fulldisclosure.net website.
During the one hour interview, hosted by Leslie Dutton, McConnell was asked about declining birth rates in Los Angeles he again defended the school expansion plans saying they are warranted and projected growth is based upon fluctuating numbers of school-age children coming to LAUSD. He further explained the intricacies of state funding which requires use of a formula allowing for increasing projections for growth to obtain maximum matching funds.
When questioned about the little known LAUSD Finance Corporation, a non-profit, public benefit corporation set up by LAUSD, McConnell stated it is considered to be a “Land Bank” that holds resources from non-voter approved bonds known as Certificates of Participation (COPs) for “undefined projects and future land purchases by the District.” When asked why the media had not ever reported on LAUSD Financing Corporation which was formed in 2000McConnell said that further details as to how it operates is available from the General Counsel of the Board of Education.
The Full Disclosure Network™ has interviewed many of the key people involved in the planning, construction, financing and investigations of the LAUSD Belmont Learning Center which has never been occupied and to date has cost $330 million, was partially demolished in December 2004 and scheduled for remediation and reconstruction soon, with an estimated total cost of approximately half a billion dollars. In 2002 the Academy of Television Arts and Sciences presented a local public affairs EMMY award to host Leslie Dutton for her 2001.