More on the abusive Capital Appreciation Bond (CAB), the same bond sold by Emery Unified School District this year. Here at Emery, the School District had plenty of money, $48 million, to build a new high school via normal bonds known as General Obligation Bonds. However the School Board wanted to close the existing elementary school here and build a new one on the high school site. That decision required the use of a CAB and added $70 million to the price tag and 33 years of payments.
From the San Francisco Chronicle: