Districts in California warned about misuse of bond funds

June 20, 2011
Some districts have borrowed from construction funds to cover operating costs

From California Watch: California school districts are using construction bond money to cover day-to-day operations and in other ways that regulators say misuse taxpayer money and violate state and federal law. The state attorney general's office and county treasurers have issued warning letters to school officials after seeing unauthorized district bond deals. Two audits at the Sweetwater Union High School District in Chula Vista found that the district borrowed and repaid $40 million from its construction bond money in the 2009-10 school year and is looking to borrow $58 million for the existing school year.

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