D-38 Refinance Under Scrutiny
January 3, 2012
Lewis-Palmer School District 38’s refinancing of three leases — including the administration building — have come under question. A concerned citizen has asked why it was not taken to the voters. The refinance, which was approved in August 2010 was done as a Certificate of Participation rather than a General Bond Obligation therefore, according to the Colorado Department of Education and D-38, it does not need voter approval. By Lisa Collacott Community Media of Colorado
See Tribune Article Here
Categories: District Finances, News Articles, Opinions & Editorials
Gordon Reichal’s “concerns” are just another attempt to foster dissatisfaction with the incumbent school board. The community re-elected the current board to make decisions on the community’s behalf. As the Trib article notes, the board is legally empowered to make this decision. To me, the last sentence of the artice says it all: “Wangeman said all details may not have been specifically stated in the meeting minutes but the financials are available for the public to view at the district’s website.” Anyone who wants the details has complete access.
This issue is a good example of the damage done by “fiscally conservative” ballot measures like amendments 60 and 61, and proposition 101. The possibility of these destructive measures becoming law required the school board to protect the district with a plan for the worst-case.
It’s worth keeping in mind that Mr. Reichal has run for the school board and been rejected by the voters–twice.
Please refer to the Tribune article correcting information in the article regarding D38 refinancing:
http://www.ourcoloradonews.com/trilakes/news/d–refinancing-further-explained/article_ebc6f8b8-fe2f-5b65-9bff-ef306ae5f286.html
You will need to cut and paste the URL into your browser to access the article.
This article in the Tribune is well worth reading. Mark Pfoff, the President of the School Board, provides some insight here:
http://www.ourcoloradonews.com/trilakes/opinion/the-facts-about-d–s-recent-bond-refinance/article_35f3ac55-7166-53f7-adf9-6f35675c8e29.html
According to the Tribune’s correction of its first article, , Mr. Reichal was not correct in his assessment of the refinance issue, despite the fact that some members of the School Board met with him specifically to review this.