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Treasurer Chiang’s Press Release..pdf

20160727_fact.pdf

Preview of Treasurer Chiang’s press release.

🔗 Source: treasurer.ca.gov

📊 Size: 270 KB

👤 Author: State Treasurer's Office

⬇️ Downloads: 54

Summary

Wall Street firms prey on school districts eager to win voter approval for bond elections, offering to fund local bond campaigns in exchange for lucrative contracts, which is unlawful and rip-offs taxpayers. Between 2012-2015, K-12 districts issued $43.8 billion in short- and long-term debt, with the cost of issuance for bond deals averaging 1.02% but reaching up to 10% for some California school districts. Treasurer John Chiang is stopping this pay-to-play practice by requiring municipal finance firms to comply with legal restrictions against engaging in campaign activities to be listed as qualified vendors, and will do no business with firms that do not play by the rules.

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Description

Wall Street firms prey on school districts eager to win voter approval for bond elections, offering to fund local bond campaigns in exchange for lucrative...

Technical Information

File Format: PDF
File Size: 270 KB
Pages: 2
Language: EN
Author: State Treasurer's Office
Total Downloads: 54
Last Updated: 9 hours ago

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