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Video Blog Reveals Secret Public School Financing
16 January 2006 Mysterious financing methods used for construction of public schools is exposed in a free ten minute Full Disclosure Network™ video blog available at URL: http://www.fulldisclosure.net/flash/VideoBlogs/VideoBlog8.php "On Demand" 24/7 as a public service. LAUSD Board member David Tokofsky explains the existence of an almost unknown school financing operation which has been concealed from the public, eye apparently to avoid scrutiny.
In this video blog Tokofsky describes the process whereby LAUSD Board members, acting as the members of a public benefit corporation called "LAUSD Financing Corporation", approve the execution, sale and delivery of untold millions of dollars in Certificates of Participation (COPs) bonds which are non-voter approved, long term public indebtedness. An exact number of these financing corporations controlled by the LAUSD is unknown by both Tokofsky and Full Disclosure at this time.
Tokofsky describes:
* the mysterious «Financing Corporation» and «Land Bank» which were set up by the LAUSD for the purpose of purchasing land for school sites and various other needs, including hundreds of millions for computer technology.
* Full Disclosure™ asked David Tokofsky why KLCS, the public television channel owned and operated by LAUSD, had turned off the television cameras and all coverage of a three-minute simultaneous meeting of the LAUSD Financing Corporation and a second public benefit organization known as the Administration Building Financing Corporation that was held on April 22, 2004 just after a Special Meeting of the Board was adjourned.
* Also featured is a three-minute audio tape of a simultaneous meeting of the LAUSD Financing Corporation and Administration Building Financing Corporation which documents the casual attitude of the Board. In this brief meeting the Board quickly dispensed with perfunctory «no objection» votes, without discussion or debate authorizing "the execution, sale and delivery of $50 million in refunding Certificates of Participation (COPs)" in one resolution .
*A second resolution was quickly passed immediately following the first action authorizing an untold number of COP bonds identified only by the words «certain number" and "certain documents" and "certain actions". When one Board member was missing a copy of the second resolution, it was revealed by an undisclosed voice, on the tape, that the matter was pertaining to "Beaudry from Taxable to Tax-exempt".
*It would appear this action was authorizing the tax exempt status of Bonds for the $180 million LAUSD Administration Building that was originally financed with taxable bonds. This transaction was the target of an investigation by LAUSD Inspector General Don Mullinax and was referred to District Attorney Steve Cooley for prosecution, which he once again declined as with the other referrals for prosecution on the Belmont Learning Complex.
Video clips for this blog were selected from an hour-long interview with Emmy Award winning host Leslie Dutton. The full program will be distributed via streaming video on the Internet world wide and on Cable channels which are listed by community and air times on the website soon.
The Full Disclosure Network™ known as "the news behind the news" has been producing a series of Free, public service video blogs for the Internet using clips from television interviews and events featuring prominent leaders who are involved in the school construction, planning, development and investigations of the L. A. Unified School District and Belmont Learning Center.
The video blogs and television programs are featured on 40 cable television systems and video streamed over the Internet from www.fulldisclosure.net
Source: prweb
All trademarks and copyrighted information contained herein are the property of their respective owners.
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