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Proviso $$$$

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jujube50 View Drop Down
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    Posted: 28/November/2007 at 10:33pm
Okaaay, now Proviso finds 6.9 million forgotten in a bond fund. Confused 
Such mismanagement.
Gall town smarm
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citizen View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote citizen Quote  Post ReplyReply Direct Link To This Post Posted: 29/November/2007 at 9:12am
does anyone have any insight into this discovery?
anyone who understands school budgeting, or an accountant?
 
is it plausible to misplace this bond fund?
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Post Options Post Options   Thanks (0) Thanks(0)   Quote watcher Quote  Post ReplyReply Direct Link To This Post Posted: 29/November/2007 at 9:44am
This is purely a guess. Several (10-12) years ago 209 maxed out its transportation bonds. It was a staggering number with no coherent explanation for its planned use. It came along with several other maxings in funds that had equally cloudy purpose. The only explanation that made a little bit of sense was "use it or lose it" which meant that if the original purpose bonds were retired, the district could no longer levy for that debt service and would need to go back to the voters to issue new bonds.

A few years later they petitioned the legislature and got the approval to transfer the accrued interest into the general fund. It was supposedly a one-time deal I don't remember the amount, but it was also sizable.

So in a way, it's like someone taking their passbook into the bank to have their interest posted. It accrues with or without regular updating. If the time is long, it can be a lot of interest that's gathered.

If they "misplaced their passbook" for a few years, $6.2 Million is possible to "earn" in interest. It's hardly surprising that they're looking for ways to tap into the new found funds.



"It is a wreave belief that we already are in Hell."- Tuluk in Frank Herbert's "Whipping Star"
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