No on San Diego's PropThe San Diego Unified School District, which covers most of the city of San Diego, is running a financial scam on the Nike Shoes property taxpayers.As a government agency, the district is a secretive, Air Jordan 5 Retro wasteful, bloated bureaucracy run by, and for, its unionized workforce (more than half of which are not teachers) and too often failing in its mission to educate students.But for now, let's just focus on the way the elected school board mishandles the district finances.On Nov.Worse, according to a district report required by Prop S, none of the $379 million has been spent on construction projects promised voters in Air Jordan 2 2008.The district admits that the bulk of that borrowed money has been spent so far on Air Jordan 12 repairs and maintenance with a shorter life span than the 20 year standard the district has adopted. That kind of maintenance should be funded in the yearly budget.Worse yet, some of that $379 million has been spent on classroom supplies and technology Air Jordan Fusion upgrades like Kids Nike Trainers new iPads. This is like taking out a 30 year mortgage on your home to buy groceries. The food is soon eaten, but the debt remains.The iPads are great but the students using them now will be paying for them for 30 Air Jordan Air Jordan 19 17 Kids Nike Trainers years.Worst of all, the district has sold some of the bonds and not used the money for school purposes.Local government entities, including SDUSD, have investment accounts with the San Diego County Nike Shox Treasurer/Tax Collector. According to that office, as of last Friday, the SDUSD has $188 million of Proposition S money in an investment Air Jordan Air Jordan 14 Retro 19 account which has generated a $412,000 profit so far this year.That's not all.Declining real estate values over the last five Air Jordan 3 Retro years have reduced the property tax revenue stream that the district projected to use for Proposition S bond repayment.In retaliation, the district has continued to borrow money using "capital appreciation bonds" (CAB).The CAB bond sale gives the school district the cash right now, no payments for 20 years (with interest compounding), then payments for the next 20 years.Not only is the SDUSD stupidly using bond money for annual maintenance and iPads, it is using CABs to get around the current lower flow of property tax Air Jordan 3 Retro money by promising bond investors an extraordinary yield to delay annual payments.The voter Air Jordan Others approved Proposition S $2.1 billion borrowing could end up costing taxpayers more than $14 billion.