“Napa is one of at least 1,350 school districts and government agencies across the nation that have turned to a controversial form of borrowing called capital appreciation bonds to finance major projects, a California Watch analysis shows. Relying on these bonds has allowed districts to borrow billions of dollars while postponing payments, in some cases for decades. This form of borrowing has created billions of dollars in debt for taxpayers and hundreds of millions of dollars in revenue for financial advisers and underwriters. Voters are usually unaware of the bonds’ high interest. At least one state, Michigan, has banned their use.”
http://www.sfgate.com/education/article/School-districts-pay-dearly-for-bonds-4237868.php
http://www.phelpscountycollector.com/Default.aspx
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