Tuesday, January 03, 2006

VIDEO BLOG: SECRET PUBLIC DEBT CREATED BY "COP" SCHOOL BONDS


Los Angeles, CA -- The Full Disclosure Network (tm) is presenting a seven (7) minute video blog, revealing that "Secret School Bonds" are creating billions in California public debt at http://www.fulldisclosure.net/flash/VideoBlogs/VideoBlog4.htm These bonds, called COPs (Certificates of Participation) are issued by school districts without a vote of the people, circumventing the 1978 California Proposition 13 impacting property taxes, which mandated voter approval on public indebtedness.

While investigating the Los Angeles Unified School District’s (LAUSD) the almost half a billion dollar Belmont Learning Center fiasco, the Full Disclosure Network™ (FDN) discovered a secret public financing operation whereby the LAUSD quietly issues COPs, non-voter approved, tax-exempt bonds.

Former State Controller Kathleen Connell tells FDN that unsuspecting taxpayers think they have a right to approve public debt, and that is not the case. She describes the extensive use of COPs for unknown and undefined purposes, by school districts following the passage of a Constitutional Amendment called Proposition 13 in 1978. The new provision mandated voter approval for public debt incurred on property taxes, but has been circumvented by school districts who were advised by bond counsels.

This seven (7) minute video blog is available from the URL: http://www.fulldisclosure.net/flash/VideoBlogs/VideoBlog4.htm and features national, state and local figures who reveal and comment on the use of these questionable public debt instruments, known as Certificates of Participation (COPs)they are:

California State Controller Kathleen Connell (1995-2003)
LAUSD Inspector General Don Mullinax
LAUSD Chief Facilities Executive Jim Mc Connell,
Anthony Patchett special district attorney and head of the L. A County D.A.’s Belmont investigation
Edwin Meese, III , U.S. Attorney General (1985-88),

Anthony Patchett describes the LAUSD financing operation as a “pyramid scheme to defraud the voters” and Jim Mc Connell confirms the existence of a secret public benefit corporation saying the LAUSD Land Bank is funded by Certificates of Participation (COP) bonds.Also LAUSD Inspector General Don Mullinax describes the extent of outstanding liability to the LAUSD and former U. S. Attorney General Edwin Meese, III described the COP bond financing process as a "gimmick" to fool the taxpayers.

This seven minute Full Disclosure Network (tm)video presentation is billed as "the news behind the news" and is made possible by video streaming 24/7, Free, on demand, from the www.fulldisclosure.net website. An Interactive survey for viewers to cast votes and make comments on the controversial public financing operations is included on the streaming page.

Since December 1992 the Full Disclosure Network™ (FDN) has produced and distributed public affairs cable television programming to 40 cable systems. In 2002 the FDN Special Series entitled “ L.A.’s War Against Terrorism” received an local Emmy Award for Public Affairs and Informational programming from the Academy of Television Arts and Sciences.

No comments:

Post a Comment