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Findings and Recommendations
6 findings
The high cost of Capital Appreciation Bonds has caused a higher, long-term debt for school districts in Contra Costa County that have used these bonds to finance construction.
No recommendations for this finding
It is preferable for bonds to contain a "callable clause."
Related Recommendations (1)
School districts should consider including "callable" provisions in all future bond issues. Contra Costa County 2013-2014 Grand Jury Report 1411
Each of the subject school districts has a published repayment schedule of its Capital Appreciation Bonded indebtedness.
No recommendations for this finding
The Auditor-Controller of Contra Costa County sets tax rates for properties in a school district to make sure principal and interest to bonded debts are paid when due.
No recommendations for this finding
The County Tax Collector collects the taxes that are held in designated accounts of the County Treasurer for issuance of debt payments as directed by the County Auditor- Controller.
No recommendations for this finding
The State Superintendent of Schools, the State Treasurer, and the California Association of County Treasurers and Tax Collectors have urged local districts to halt any further use of Capital Appreciation Bonds as a means of funding construction projects.
No recommendations for this finding
Additional Recommendations
1
These recommendations are not explicitly linked to specific findings.
No Responses Found
1
Government entities assigned to respond to this report. No response documents have been linked in our database.
