Los Angeles Unified, much like the innocent children given to its care, hasn't learned much since it last made the headlines with it's iPad scandal four years ago.
The Los Angeles County Board of Supervisors Agenda Item for Tuesday, February 6, 2018 contains the sanitized details. A splendid time will be had by all, unless you get your two cents in. There's going to have to be a lot of two-cents to add up to the $1.4 BILLION rip-off.
This article is broken out into a couple logical sections. Read them to get a fuller understanding of the lawlessness at Los Angeles Unified.
Establishment of Blue Ribbon Citizens Oversight Committee for April 1997 School Repair Bonds
LAUSD School Construction Bond Citizens' Oversight Committee Charter and Memorandum of Understanding
Suggested Letter to Five Kings and Other Public Crooks
I apologize, that was a joke. Click here to skip past the long history of debt at Los Angeles Unified.
The district wants another $1.4 billion right now. The district is so confident that the Five Kings will approve it that it's already scheduled the sale of over $1 billion. (Light green rows.)
Green rows are bonds issued against voter-approved measures secured, like a mortgage, against all property in the district. Light green rows are part of the proposed $1.4 billion in new bonds and taxes. | ||||||
Source: State Treasurer Office DebtWatch (January 22, 2017) | ||||||
CDIAC Code | Type | Amount | Sold | Financial Advisor | Bond Counsel | Underwriter |
---|---|---|---|---|---|---|
2018-0074 | GO Bond | $134,560,000 | 18-02-21 | Public Resources | Orrick Herrington | Merrill Lynch |
2018-0073 | GO Bond | $1,085,440,000 | 18-02-21 | Public Resources | Orrick Herrington | Merrill Lynch |
2018-0072 | GO Bond | $12,995,000 | 18-02-21 | Public Resources | Orrick Herrington | Merrill Lynch |
2018-0071 | GO Bond | $117,005,000 | 18-02-21 | Public Resources | Orrick Herrington | Merrill Lynch |
2017-1354 | COP | $53,272 | 17-07-07 | |||
2017-0805 | Refunding | $1,080,830,000 | 17-05-16 | Public Resources | Hawkins Delafield | Morgan Stanley |
2017-0272 | Capital Lease | $42,362 | 17-03-13 | |||
2016-2441 | Refunding | $500,855,000 | 16-08-08 | Fieldman Rolapp | Hawkins Delafield | Morgan Stanley |
2016-0420 | GO Bond | $648,955,000 | 16-03-01 | Public Resources | Hawkins Delafield | Citigroup Global |
2016-0419 | Refunding | $577,400,000 | 16-03-01 | Public Resources | Hawkins Delafield | Citigroup Global |
2015-0976 | Refunding | $326,045,000 | 15-05-06 | Public Resources | Hawkins Delafield | Morgan Stanley |
2014-1315 | GO Bond | $32,195,000 | 14-08-05 | Tamalpais Advisors | Sidley Austin | Raymond James |
2014-1314 | Refunding | $103,635,000 | 14-08-05 | Tamalpais Advisors | Sidley Austin | Raymond James |
2014-0682 | Refunding | $1,622,200,000 | 14-06-12 | Tamalpais Advisors | Orrick Herrington | Morgan Stanley |
2013-1127 | COP | $24,780,000 | 13-05-08 | Fieldman Rolapp | Orrick Herrington | |
2013-0014 | Revenue | $780,000,000 | 13-02-19 | Tamalpais Advisors | Hawkins Delafield | Morgan Stanley |
2012-1086 | Revenue | $360,000,000 | 12-06-12 | Tamalpais Advisors | Hawkins Delafield | Morgan Stanley |
2012-1085 | Revenue | $50,000,000 | 12-06-12 | Tamalpais Advisors | Hawkins Delafield | Citigroup Global |
2012-0493 | Revenue | $190,000,000 | 12-06-12 | Tamalpais Advisors | Hawkins Delafield | Goldman Sachs |
2012-0929 | COP | $72,345,000 | 12-05-03 | Tamalpais Advisors | Orrick Herrington | RBC Capital |
2012-0928 | COP | $87,845,000 | 12-05-03 | Tamalpais Advisors | Orrick Herrington | RBC Capital |
2012-0560 | Refunding | $156,000,000 | 12-04-18 | Annette Yee & Company LLC | Sidley Austin | De La Rosa |
2011-1232 | Refunding | $201,070,000 | 11-09-27 | Tamalpais Advisors | Orrick Herrington | Citigroup Global |
2011-1231 | Refunding | $206,735,000 | 11-09-27 | Tamalpais Advisors | Orrick Herrington | Citigroup Global |
2011-0460 | Revenue | $550,000,000 | 11-06-22 | Tamalpais Advisors | Hawkins Delafield | Citigroup Global |
2010-1640 | COP | $61,730,000 | 10-12-15 | Fieldman Rolapp | Hawkins Delafield | De La Rosa |
2010-1630 | COP | $21,615,000 | 10-12-15 | Fieldman Rolapp | Hawkins Delafield | De La Rosa |
2010-0716 | Revenue | $540,000,000 | 10-06-15 | Tamalpais Advisors | Sidley Austin | Merrill Lynch |
2010-0324 | GO Bond | $290,195,000 | 10-04-22 | Tamalpais Advisors | Sidley Austin | Goldman Sachs |
2010-0619 | GO Bond | $3,795,000 | 10-02-18 | Tamalpais Advisors | Sidley Austin | Citigroup Global |
2010-0618 | Refunding | $74,995,000 | 10-02-18 | Tamalpais Advisors | Sidley Austin | Citigroup Global |
2010-0617 | GO Bond | $1,250,585,000 | 10-02-18 | Tamalpais Advisors | Sidley Austin | Citigroup Global |
2010-0323 | GO Bond | $159,495,000 | 10-02-18 | Tamalpais Advisors | Sidley Austin | Citigroup Global |
2010-0104 | GO Bond | $478,575,000 | 10-02-18 | Tamalpais Advisors | Sidley Austin | Citigroup Global |
2009-1323 | COP | $69,685,000 | 10-01-13 | First Southwest Company | Sidley Austin | Piper Jaffray |
2009-1030 | GO Bond | $5,615,000 | 09-10-01 | Tamalpais Advisors | Hawkins Delafield | Citigroup Global |
2009-1029 | GO Bond | $205,785,000 | 09-10-01 | Tamalpais Advisors | Hawkins Delafield | Citigroup Global |
2009-1028 | GO Bond | $1,369,800,000 | 09-10-01 | Tamalpais Advisors | Hawkins Delafield | Citigroup Global |
2009-1027 | GO Bond | $318,800,000 | 09-10-01 | Tamalpais Advisors | Hawkins Delafield | Goldman Sachs |
2009-1026 | Refunding | $74,765,000 | 09-10-01 | Tamalpais Advisors | Hawkins Delafield | Citigroup Global |
2009-1023 | COP | $40,728,200 | 09-09-29 | Public Financial | Hawkins Delafield | |
2009-0434 | Revenue | $750,000,000 | 09-08-06 | Tamalpais Advisors | Sidley Austin | Barclays Capital |
2009-0010 | GO Bond | $150,000,000 | 09-02-04 | Tamalpais Advisors | Sidley Austin | Barclays Capital |
2009-0009 | GO Bond | $550,000,000 | 09-02-04 | Tamalpais Advisors | Sidley Austin | Barclays Capital |
2009-0008 | GO Bond | $250,000,000 | 09-02-04 | Tamalpais Advisors | Sidley Austin | Barclays Capital |
2008-0800 | COP | $120,950,000 | 08-08-05 | Tamalpais Advisors | Sidley Austin | Banc of America Securities |
2008-0799 | Revenue | $500,000,000 | 08-07-23 | Tamalpais Advisors | Sidley Austin | Banc of America Securities |
2007-1714 | Revenue | $130,000,000 | 07-11-29 | Tamalpais Advisors | Sidley Austin | Banc of America Securities |
2007-1713 | Revenue | $100,000,000 | 07-11-29 | Tamalpais Advisors | Sidley Austin | Morgan Stanley |
2007-1712 | Revenue | $50,000,000 | 07-11-29 | Tamalpais Advisors | Sidley Austin | Morgan Stanley |
2007-1711 | Revenue | $20,000,000 | 07-11-29 | Tamalpais Advisors | Sidley Austin | Goldman Sachs |
2007-1710 | Revenue | $115,000,000 | 07-11-29 | Tamalpais Advisors | Sidley Austin | Lehman Brothers |
2007-1454 | Revenue | $185,000,000 | 07-11-29 | Tamalpais Advisors | Sidley Austin | Citigroup Global |
2007-1312 | COP | $99,660,000 | 07-11-01 | First Southwest Company | Sidley Austin | Banc of America Securities |
2007-0960 | GO Bond | $150,000,000 | 07-07-31 | Tamalpais Advisors | Hawkins Delafield | Goldman Sachs |
2007-0959 | GO Bond | $550,000,000 | 07-07-31 | Tamalpais Advisors | Hawkins Delafield | Goldman Sachs |
2007-0958 | GO Bond | $300,000,000 | 07-07-31 | Tamalpais Advisors | Hawkins Delafield | Goldman Sachs |
2007-0087 | Refunding | $524,845,000 | 07-02-22 | Tamalpais Advisors | Hawkins Delafield | Lehman Brothers |
2006-1591 | Refunding | $1,289,250,000 | 07-01-09 | Tamalpais Advisors | Hawkins Delafield | Merrill Lynch |
2007-0101 | Revenue | $65,000,000 | 06-11-01 | Gardner Underwood | Sidley Austin | Wachovia Bank NA |
2007-0100 | Revenue | $50,000,000 | 06-11-01 | Gardner Underwood | Sidley Austin | Goldman Sachs |
2007-0099 | Revenue | $50,000,000 | 06-11-01 | Gardner Underwood | Sidley Austin | Morgan Stanley |
2007-0098 | Revenue | $50,000,000 | 06-11-01 | Gardner Underwood | Sidley Austin | Banc of America Securities |
2007-0097 | Revenue | $50,000,000 | 06-11-01 | Gardner Underwood | Sidley Austin | Citigroup Global |
2007-0096 | Revenue | $10,000,000 | 06-11-01 | Gardner Underwood | Sidley Austin | Morgan Stanley |
2007-0095 | Revenue | $15,000,000 | 06-11-01 | Gardner Underwood | Sidley Austin | UBS Securities LLC |
2006-1142 | Revenue | $60,000,000 | 06-11-01 | Gardner Underwood | Sidley Austin | Lehman Brothers |
2006-1268 | Refunding | $574,905,000 | 06-10-26 | Tamalpais Advisors | Hawkins Delafield | Banc of America Securities |
2006-0842 | GO Bond | $400,000,000 | 06-08-02 | Tamalpais Advisors | Sidley Austin | UBS Securities LLC |
2006-0236 | Refunding | $47,400,000 | 06-02-08 | Tamalpais Advisors | Sidley Austin | Banc of America Securities |
2006-0091 | Refunding | $132,325,000 | 06-02-08 | Tamalpais Advisors | Sidley Austin | Banc of America Securities |
2005-2039 | Refunding | $346,985,000 | 06-02-08 | Tamalpais Advisors | Sidley Austin | Banc of America Securities |
2005-2041 | GO Bond | $500,000,000 | 06-01-31 | Tamalpais Advisors | Sidley Austin | Merrill Lynch |
2005-1632 | COP | $10,000,000 | 05-12-02 | Gardner Underwood | Sidley Austin | Bank of America NA |
2005-1179 | Revenue | $410,000,000 | 05-10-12 | Public Resources | Sidley Austin | Banc of America Securities |
2005-1341 | GO Bond | $400,000,000 | 05-07-26 | KNN/Kelling Northcross & Nobriga Inc | Sidley Austin | UBS Financial Services |
2005-1178 | Refunding | $467,675,000 | 05-07-20 | Tamalpais Advisors | Sidley Austin | Goldman Sachs |
2005-0653 | COP | $107,865,000 | 05-05-24 | Gardner Underwood | Sidley Austin | Lehman Brothers |
2005-0652 | COP | $44,225,000 | 05-05-24 | Gardner Underwood | Sidley Austin | Lehman Brothers |
2004-1975 | Refunding | $219,125,000 | 04-12-07 | Tamalpais Advisors | Sidley Austin | Merrill Lynch |
2004-1602 | Refunding | $16,895,000 | 04-09-22 | Gardner Underwood | Sidley Austin | Banc of America Securities |
2004-1936 | GO Bond | $50,000,000 | 04-09-15 | Gardner Underwood | Sidley Austin | Citigroup Global |
2004-1935 | Refunding | $60,475,000 | 04-09-15 | Gardner Underwood | Sidley Austin | First Albany Capital Inc |
2004-1525 | Refunding | $72,630,000 | 04-09-15 | Gardner Underwood | Sidley Austin | Citigroup Global |
2004-1524 | Revenue | $500,000,000 | 04-08-25 | Public Resources | Sidley Austin | Lehman Brothers |
2004-1339 | COP | $6,925,000 | 04-07-13 | Tamalpais Advisors | Sidley Austin | Banc of America Securities |
2004-1337 | COP | $50,700,000 | 04-07-13 | Tamalpais Advisors | Sidley Austin | Banc of America Securities |
2003-1339 | COP | $31,620,000 | 03-06-11 | Tamalpais Advisors | Sidley Austin | Banc of America Securities |
2003-0662 | COP | $100,215,000 | 03-06-11 | Tamalpais Advisors | Sidley Austin | Banc of America Securities |
2003-1331 | Revenue | $150,000,000 | 03-06-03 | Tamalpais Advisors | Sidley Austin | Morgan Stanley |
2003-1330 | Revenue | $195,000,000 | 03-06-03 | Tamalpais Advisors | Sidley Austin | Citigroup Global |
2003-1329 | Revenue | $100,000,000 | 03-06-03 | Tamalpais Advisors | Sidley Austin | Citigroup Global |
2003-1328 | Revenue | $100,000,000 | 03-06-03 | Tamalpais Advisors | Sidley Austin | Citigroup Global |
2003-1327 | Revenue | $75,000,000 | 03-06-03 | Tamalpais Advisors | Sidley Austin | Banc of America Securities |
2003-1326 | Revenue | $25,000,000 | 03-06-03 | Tamalpais Advisors | Sidley Austin | UBS Financial Services |
2003-0549 | Revenue | $25,000,000 | 03-06-03 | Tamalpais Advisors | Sidley Austin | UBS Financial Services |
2003-0028 | GO Bond | $507,345,000 | 03-03-04 | Tamalpais Advisors | Sidley Austin | Morgan Stanley |
2003-0029 | GO Bond | $2,100,000,000 | 03-02-20 | Tamalpais Advisors | Sidley Austin | Merrill Lynch |
2002-1930 | COP | $128,765,000 | 02-12-04 | Tamalpais Advisors | Sidley Austin | Banc of America Securities |
2002-1929 | COP | $9,490,000 | 02-12-04 | Tamalpais Advisors | Sidley Austin | Banc of America Securities |
2002-1417 | Revenue | $325,000,000 | 02-05-30 | Sperry Capital Inc | Sidley Austin | Morgan Stanley |
2002-1416 | Revenue | $100,000,000 | 02-05-30 | Sperry Capital Inc | Sidley Austin | Banc of America Securities |
2002-1414 | Revenue | $25,000,000 | 02-05-30 | Sperry Capital Inc | Sidley Austin | Banc of America Securities |
2002-1411 | Revenue | $25,000,000 | 02-05-30 | Sperry Capital Inc | Sidley Austin | UBS PaineWebber Inc |
2002-0529 | Revenue | $25,000,000 | 02-05-30 | Sperry Capital Inc | Sidley Austin | UBS PaineWebber Inc |
2002-0224 | Refunding | $258,375,000 | 02-03-28 | Sperry Capital Inc | Sidley Austin | UBS PaineWebber Inc |
2002-0223 | GO Bond | $500,000,000 | 02-03-27 | Sperry Capital Inc | Sidley Austin | Merrill Lynch |
2001-0297 | COP | $21,655,000 | 02-03-01 | Sperry Capital Inc | Sidley Austin | UBS PaineWebber Inc |
2001-2028 | COP | $32,000,000 | 01-12-12 | Sperry Capital Inc | Sidley Austin | Lehman Brothers |
2001-1729 | COP | $84,480,000 | 01-10-30 | Sperry Capital Inc | Sidley Austin | Ambac Conduit Funding LLC |
2001-1952 | COP | $68,890,000 | 01-10-25 | Sperry Capital Inc | Sidley Austin | Lehman Brothers |
2001-0493 | Revenue | $415,000,000 | 01-06-21 | Sperry Capital Inc | Curls Brown & Duran LLP | Banc of America Securities |
2001-0285 | COP | $35,000,000 | 01-04-10 | Sperry Capital Inc | Brown & Wood | Merrill Lynch |
2000-1468 | COP | $172,715,000 | 00-09-12 | C M de Crinis & Co Inc | Brown & Wood | Lehman Brothers |
2000-1375 | GO Bond | $386,655,000 | 00-07-20 | C M de Crinis & Co Inc | Brown & Wood | Salomon Smith Barney |
2000-0405 | Revenue | $280,500,000 | 00-06-07 | C M de Crinis & Co Inc | Marilyn L Garcia Law Offices | Bear Stearns & Company |
2000-0232 | COP | $30,446,700 | 00-05-23 | C M de Crinis & Co Inc | Orrick Herrington | Bank of America NT & SA |
1999-1415 | GO Bond | $300,000,000 | 99-07-22 | C M de Crinis & Co Inc | Brown & Wood | PaineWebber Inc |
1999-0639 | Revenue | $195,260,000 | 99-06-09 | C M de Crinis & Co Inc | Curls Brown & Duran LLP | Lehman Brothers |
1998-1477 | GO Bond | $350,000,000 | 98-08-13 | C M de Crinis & Co Inc | Curls Brown & Duran LLP | PaineWebber Inc |
1998-1115 | Revenue | $169,480,000 | 98-06-09 | C M de Crinis & Co Inc | Curls Brown & Duran LLP | Lehman Brothers |
1998-0398 | COP | $60,805,000 | 98-05-19 | C M de Crinis & Co Inc | Curls Brown & Roushon | Bear Stearns & Company |
1997-1401 | COP | $91,400,000 | 97-12-08 | C M de Crinis & Co Inc | Curls Brown & Duran LLP | Merrill Lynch |
1997-1151 | GO Bond | $356,000,000 | 97-07-15 | C M de Crinis & Co Inc | Curls Brown & Duran LLP | BancAmerica Securities Inc |
1997-0358 | Revenue | $270,000,000 | 97-06-04 | C M de Crinis & Co Inc | Curls Brown & Duran LLP | Merrill Lynch |
1996-1371 | COP | $94,370,000 | 96-10-02 | C M de Crinis & Co Inc | Curls Brown & Roushon | Bear Stearns & Company |
1996-0349 | Revenue | $280,000,000 | 96-06-04 | Prager McCarthy & Sealy | Curls Brown & Roushon | Lehman Brothers |
1995-0340 | Revenue | $300,000,000 | 95-06-08 | Prager McCarthy & Sealy | Curls Brown & Roushon | Bear Stearns & Company |
1994-1732 | COP | $21,710,000 | 94-11-10 | Prager McCarthy & Sealy | Curls Brown & Roushon | Pryor McClendon Counts & Company |
1994-1639 | COP | $39,515,000 | 94-11-10 | Prager McCarthy & Sealy | Curls Brown & Roushon | Merrill Lynch |
1994-0778 | Revenue | $290,000,000 | 94-06-08 | Prager McCarthy & Sealy | O'Melveny & Myers | Bear Stearns & Company |
1993-1755 | COP | $69,925,000 | 93-11-30 | Prager McCarthy & Sealy | Whitaker Curls | Smith Barney Shearson Inc |
1993-0337 | Revenue | $500,000,000 | 93-07-01 | Prager McCarthy & Sealy | O'Melveny & Myers | Goldman Sachs |
1992-0542 | Revenue | $450,000,000 | 92-07-01 | Prager McCarthy & Lewis | O'Melveny & Myers | Bank of America NT & SA |
1991-1273 | COP | $46,110,000 | 91-10-22 | Prager McCarthy & Lewis | O'Melveny & Myers | Smith Barney Harris Upham & Co Inc |
1991-1046 | Revenue | $70,000,000 | 91-07-09 | Prager McCarthy & Lewis | O'Melveny & Myers | Morgan Stanley |
1991-1045 | Revenue | $50,000,000 | 91-07-09 | Prager McCarthy & Lewis | O'Melveny & Myers | Morgan Stanley |
1991-0636 | Revenue | $120,000,000 | 91-07-09 | Prager McCarthy & Lewis | O'Melveny & Myers | First Boston Corporation |
1991-0251 | COP | $62,000,000 | 91-05-20 | Prager McCarthy & Lewis | Ochoa & Sillas | Grigsby Brandford Powell Inc |
1990-0990 | COP | $67,990,000 | 90-10-18 | O'Melveny & Myers | Bank of America NT & SA | |
1990-0850 | COP | $13,885,000 | 90-09-10 | Ochoa & Sillas | Grigsby Brandford Powell Inc | |
1989-1168 | COP | $22,000,000 | 89-12-21 | O'Melveny & Myers | Bank of America NT & SA | |
1988-0063 | COP | $43,830,000 | 88-05-18 | Sanders & Dickerson | Bank of America NT & SA | |
1987-0284 | COP | $13,365,000 | 87-05-07 | O'Melveny & Myers | Bank of America NT & SA | |
1986-0683 | COP | $17,955,000 | 86-08-21 | O'Melveny & Myers | Bank of America NT & SA | |
1986-0285 | Revenue | $110,000,000 | 86-07-01 | O'Melveny & Myers | Bank of America NT & SA | |
1985-0653 | Revenue | $115,000,000 | 85-07-02 | O'Melveny & Myers | Bank of America NT & SA | |
Grand Totals | $35,413,735,534 | $3,664,564 | $935,684 | $19,148,017 |
Voters have been very generous with a failing Los Angeles Unified, approving every Proposition 39 bond measure the district has put on the ballot.
Measure | Election | Bond Amount | Outcome | Yes % |
---|---|---|---|---|
Q | 2008-11-04 | $7,000,000,000 | Passed | 69.1% |
Y | 2005-11-08 | $3,985,000,000 | Passed | 66.0% |
R | 2004-03-02 | $3,870,000,000 | Passed | 63.7% |
K | 2002-11-05 | $3,350,000,000 | Passed | 68.0% |
Totals: | $18,205,000,000 |
Prior to the Proposition 39 bond era, voters even rejected a $2,400,000,000 bond in November 1996. In a bit of legal jujitsu, the district put the same measure back on the ballot and got it passed in a historically low-turnout election as Measure BB in April 1997.
Thirty years, $20 billion of debt ($40 billion in taxes), and two major scandals (remember Belmont Learning Center where a student accidentally discharged a gun on campus the other day) later, what do the students and parents of the district have to show for it. Oh, that's right, the most expensive school ever built in the entire country. But, it's for the kids, right?
Unlike the debt history, the history of the actual oversight performed by all the committees going back to 1997 could be written on the head of pin.
Right after the Measure BB passed, the district was sued to establish some authority for an oversight committee of which it was in complete control.
Then after the 2002 Proposition 39 election, the district just ignored the Strict Accountability in Local School Construction Bonds Act of 2000 and went along its merry way with its own oversight.
Today, the oversight committee is populated with every special interest you can think of.
The so-called taxpayer member was allegedly "nominated" by a Sacramento lobbyist posing as the California Tax Reform Association. It's main purpose is to end Proposition 13, so the district can take more taxes out of your community.
You just can't make this stuff up.
For each of the four Proposition 39 bond measures (K, R, Y, and Q), the district promised, and the law requires, a new oversight committee. Keeping promises does not fit the district's agenda, so it just paid a lawyer to write a few words to add the newly approved bond to the pre-existing oversight committee.
The oversight committee adopts dozens of resolutions every year, rubber-stamping everything that the district wants to do. This gives the district cover for the hundreds of millions of bond funds it misuses. The oversight committee simply says it was all done legally.
You see, when there's this much money up for grabs, everybody wants their piece of the pie. And the best way to do that is to lie to your face and keep you in the dark.
Except for the public notice for meetings requirement, the district continues to ignore every other oversight mandate set out by the legislature. Just to keep the public in the dark, the oversight meets only at the Beaudry headquarters at 10:00 a.m. on a weekday. It wouldn't want to inconvenience all it's high-powered members, who are almost all public employees (and therefore compensated by your taxes -- another violation) when they meet.
The Vegas bookies have it 10-1 that the Five Kings, who have their own agent on the oversight committee will just rubber stamp it. It doesn't cost them anything after all.
If they can keep you from finding out, so much the better.
LAST UPDATED: 2018-02-03 6:00 PM
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