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.
If the school was really so badly needed, why didn't they raise taxes to get the $2.5 million? If they couldn't get the district to pass a tax increase in order to qualify for a subsidized loan 10 time its size, then I'm skeptical on how necessary that new school actually was.
If they couldn't afford $2.5 million up front, what made them think they'd be able to afford $34 million later?