23/10/2024
School bonds are like co-signing a credit card for someone you barely know. The person asking says they need $$$ to "help the kids" and you want to help but know you can't really afford it. They provide little facts but enough information to pull on your heart strings so you agree. After you co-sign, you find out the credit limit is really $$$$$$ (which you absolutely can NOT afford.)
The person says they "probably", "most likely", "maybe" won't need to max out the card but you have no control over how much they spend, when they spend it or what they spend it on. In fact, THEY don't even have a reasonable budget or spending plan to show you. The payments on the card will be added to YOUR mortgage every month in order to insure payment. If you fail to pay, you will be evicted from your home.
The credit term is so lengthy, you'll be gone before it's paid off but your heirs will be responsible for repaying a $debt$ you signed for. The interest alone, will DOUBLE the principle credit limit. The "person" asking is not even responsible for the credit card payment. Their ONLY job is to get YOU to co-sign and then spend YOUR money.
Unlike a mortgage, there is no defined or direct benefit to the lendee, nor is there a quantitative measurement for affordability of the loan amount. There is no collateral "asset" to be re-financed, sold, or payed off early in order to relieve the debt. In fact, the "project" will depreciate before the loan is paid off.
It's always easier to spend other people's money and that is EXACTLY what ASCISD is asking you, the taxpayer, to do. To co-sign a $60 million loan that will actually equal $107 million before it's paid off while they provide little information about how it will actually be spent.
Our community deserves more transparency, more affordable options and deserves a better bond. Vote AGAINST Prop A November 5th!
More info can be found at 👇
www.citizensforrealprogres.com
