Sunday, December 9, 2012

JPS & bonds, what could go wrong?

The Jackson Free Press published a report on the decision by the Jackson Public School Board to refinance some bonds. It turns out JPS is going down the road taken by the city of Jackson a few years ago: running up the bond credit card to get more cash up front but pay more later than if it had done nothing. The JFP reports:

"The $55 million debt, which originated years earlier to pay for school building improvements and new construction, will be restructured to take advantage of lower interest rates. But while those rates will be lower, offering a short-term cash solution, the long-term cost of servicing the debt will rise under the proposed deal, said board member George Schimmel.

"I think it's important for us to understand what we're doing," Schimmel said, adding, "We will replace $27 million with $41 million in debt." The new agreement will buy the district "six to nine months of time" to get its fiscal house in order, he added. The additional time is a brief delay in paying a portion of the debt. The district must make good use of the additional time, he indicated at the meeting, or "eventually, the state will come in and make those decisions for us."

Sharolyn Miller, JPS chief financial officer, indicated that she sees no other options at this time, although the districts has made efforts to save money in other ways, such as not filling vacant positions. Miller said the deal will shore up JPS' fund balance, which should be used only in emergencies, and that it could improve the district's credit rating....

The JPS board approved the bond-debt restructuring on a 5-1 vote, with Board President Monica Gilmore-Love abstaining. Linda Rush, the board's vice president voted against the deal. Rush did not return calls for comment
." Rest of the article

Good job Harvey. This is your school board. You own it. The citizens of Jackson are going to regret this decision by the school board.

8 comments:

Anonymous said...

The refinancing gives a Christmas present to the legal crowd feeding at the district trough...black elites from the Ditto era (Turner) and white elites from the Winter era (Begley). The over-paid administrators from the current regime already have their reward.

Anonymous said...

I doubt when Wee Willie "Mo' Money" Winter talks about the need to increase spending on education that he takes into account this sudden incremental long term bump.

Jackson is following the same path as Detroit.

Kingfish said...

Clarion-Ledger had a bunch of stories today on ed reform. All of it pretty much said "mo money mo money mo money". Not one mention about how much money districts waste or how they spend it.

Anonymous said...

One of the callers touted elections of school administrators as a school reform. The local school system is controlled increasingly by federal courts, rule-making, mandates, and state law. The risk of patronage on the local level might to tolerable if parents and citizens had more of a say in school leadership outside the voucher and choice reforms. I concur with your caller on the election of leaders and boards.

Shadowboard said...

The election of supts and boards in Hinds (and many other) county would forever ensure that no white representation could be had. Not sure appointments would be any different, but we're talking here about elections. Do we really want what the electorate gives us (see Stokes fambly) or would appointments be better?

Anonymous said...

The one upside about direct elections is that it would provide the black community more opportunities to elect sworn police officer impersonators to school boards in various parts of the state.

Anonymous said...

"We will replace $27 million with $41 million in debt."

Not sure what to say at this point. I'm still staring at that one sentence.

Anonymous said...

By now it is obvious what the plan is with JPS, the City of Jackson and HindsCo. All will load up on bond debt to the hilt and then seek protection via bankruptcy. There is no real plan to pay it back -- and the refinancing will eventually end also -- because the population and tax base will not return to those shitholes. The tax base is cratering, Jackson's especially, so the time to max out the load is now (to what will soon be unsustainable levels) before the bond markets realize that not enough base remains to service the debt. AND YOU CAN BET YOUR LAST DOLLAR that the Malachi pimps are going to keep those three whores busy, busy, busy until the bond johns all come down with default clap.



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