“In 2010, officials at the West Contra Costa School District, just east of San Francisco, were in a bind. The district needed $2.5 million to help secure a federally subsidized $25 million loan to build a badly needed elementary school. Charles Ramsey, president of the school board, says he needed that $2.5 million upfront, but the district didn’t have it. ‘Why would you leave $25 million on the table? You would never leave $25 million on the table.’ In the West Contra Costa Schools’ case, that $2.5 million bond will cost the district a whopping $34 million to repay.”
http://www.npr.org/2012/12/07/166745290/school-district-owes-1-billion-on-100-million-loan
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