Schools

Poway Unified School Bond Nominated for Golden Fleece Award

The nomination stems from a bond that left taxpayers in Poway, Rancho Bernardo and Rancho Penasquitos on the hook for paying back $981 million, in exchange for raising just $105 million.

A school district boondoggle that led to increased scrutiny of capital appreciation bonds is one of four finalists for a Regional Golden Fleece Award, the San Diego County Taxpayers Association announced Tuesday.

The nomination stems from a construction bond taken out by the Poway Unified School District that left taxpayers in Poway, Rancho Bernardo and Rancho Penasquitos on the hook for paying back $981 million, in exchange for raising just $105 million.

The fallout led to legislation that limits CAB debt ratios to four-to- one and allows them to be refinanced, among other things.

Find out what's happening in Rancho Bernardo-4s Ranchwith free, real-time updates from Patch.

Other Regional Golden Fleece finalists are the San Diego Unified School District for using construction bond money on an expensive purchase of thousands of Apple iPads; the San Diego County Employees Retirement Association on its hiring of an investment consultant; and no-bid contracts issued by the Tri-City Healthcare District.

"The committee had an incredibly tough decision in identifying an entity who fleeced taxpayers the most egregiously in 2012," said Kimberly Miller, Goldens Dinner committee co-chairwoman and SDCTA board member. "Unfortunately for the San Diego taxpayer, SDCTA had far too many choices of wasteful and inefficient use of taxpayer dollars in the Fleece categories."

Find out what's happening in Rancho Bernardo-4s Ranchwith free, real-time updates from Patch.

The city of El Cajon is a finalist for a Metro Golden Fleece award for loaning hundreds of thousands of dollars to the owners of a downtown brewery and restaurant that went out of business.

The city of San Diego is also on the Metro list for forcing organizers of a proposed farmers market at Qualcomm Stadium to change locations, resulting in the event's cancellation even though contracts had been signed, according to Chris Cate of the SDCTA.

The other Metro finalist is the city of Chula Vista, for failing to oversee and enforce the terms of its now-defunct Tourism Marketing District.

The Golden Watchdogs—finalists were announced last week—and Golden Fleece awards will be issued May 9 at the Marriott Marquis and Marina.

—City News Service


Get more local news delivered straight to your inbox. Sign up for free Patch newsletters and alerts.

We’ve removed the ability to reply as we work to make improvements. Learn more here