Sunday, December 9, 2012

JPS & bonds, what could go wrong?

The Jackson Free Press published a report on the decision by the Jackson Public School Board to refinance some bonds. It turns out JPS is going down the road taken by the city of Jackson a few years ago: running up the bond credit card to get more cash up front but pay more later than if it had done nothing. The JFP reports:

"The $55 million debt, which originated years earlier to pay for school building improvements and new construction, will be restructured to take advantage of lower interest rates. But while those rates will be lower, offering a short-term cash solution, the long-term cost of servicing the debt will rise under the proposed deal, said board member George Schimmel.

"I think it's important for us to understand what we're doing," Schimmel said, adding, "We will replace $27 million with $41 million in debt." The new agreement will buy the district "six to nine months of time" to get its fiscal house in order, he added. The additional time is a brief delay in paying a portion of the debt. The district must make good use of the additional time, he indicated at the meeting, or "eventually, the state will come in and make those decisions for us."

Sharolyn Miller, JPS chief financial officer, indicated that she sees no other options at this time, although the districts has made efforts to save money in other ways, such as not filling vacant positions. Miller said the deal will shore up JPS' fund balance, which should be used only in emergencies, and that it could improve the district's credit rating....

The JPS board approved the bond-debt restructuring on a 5-1 vote, with Board President Monica Gilmore-Love abstaining. Linda Rush, the board's vice president voted against the deal. Rush did not return calls for comment
." Rest of the article

Good job Harvey. This is your school board. You own it. The citizens of Jackson are going to regret this decision by the school board.


Anonymous said...

The refinancing gives a Christmas present to the legal crowd feeding at the district elites from the Ditto era (Turner) and white elites from the Winter era (Begley). The over-paid administrators from the current regime already have their reward.

Anonymous said...

I doubt when Wee Willie "Mo' Money" Winter talks about the need to increase spending on education that he takes into account this sudden incremental long term bump.

Jackson is following the same path as Detroit.

Kingfish said...

Clarion-Ledger had a bunch of stories today on ed reform. All of it pretty much said "mo money mo money mo money". Not one mention about how much money districts waste or how they spend it.

Anonymous said...

One of the callers touted elections of school administrators as a school reform. The local school system is controlled increasingly by federal courts, rule-making, mandates, and state law. The risk of patronage on the local level might to tolerable if parents and citizens had more of a say in school leadership outside the voucher and choice reforms. I concur with your caller on the election of leaders and boards.

Shadowboard said...

The election of supts and boards in Hinds (and many other) county would forever ensure that no white representation could be had. Not sure appointments would be any different, but we're talking here about elections. Do we really want what the electorate gives us (see Stokes fambly) or would appointments be better?

Anonymous said...

The one upside about direct elections is that it would provide the black community more opportunities to elect sworn police officer impersonators to school boards in various parts of the state.

Anonymous said...

"We will replace $27 million with $41 million in debt."

Not sure what to say at this point. I'm still staring at that one sentence.

Anonymous said...

By now it is obvious what the plan is with JPS, the City of Jackson and HindsCo. All will load up on bond debt to the hilt and then seek protection via bankruptcy. There is no real plan to pay it back -- and the refinancing will eventually end also -- because the population and tax base will not return to those shitholes. The tax base is cratering, Jackson's especially, so the time to max out the load is now (to what will soon be unsustainable levels) before the bond markets realize that not enough base remains to service the debt. AND YOU CAN BET YOUR LAST DOLLAR that the Malachi pimps are going to keep those three whores busy, busy, busy until the bond johns all come down with default clap.

Recent Comments

Search Jackson Jambalaya

Subscribe to JJ's Youtube channel


Trollfest '09

Trollfest '07 was such a success that Jackson Jambalaya will once again host Trollfest '09. Catch this great event which will leave NE Jackson & Fondren in flames. Othor Cain and his band, The Black Power Structure headline the night while Sonjay Poontang returns for an encore performance. Former Frank Melton bodyguard Marcus Wright makes his premier appearance at Trollfest singing "I'm a Sweet Transvestite" from "The Rocky Horror Picture Show." Kamikaze will sing his new hit, “How I sold out to da Man.” Robbie Bell again performs: “Mamas, don't let your babies grow up to be Bells” and “Any friend of Ed Peters is a friend of mine”. After the show, Ms. Bell will autograph copies of her mug shot photos. In a salute to “Dancing with the Stars”, Ms. Bell and Hinds County District Attorney Robert Smith will dance the Wango Tango.

Wrestling returns, except this time it will be a Battle Royal with Othor Cain, Ben Allen, Kim Wade, Haley Fisackerly, Alan Lange, and “Big Cat” Donna Ladd all in the ring at the same time. The Battle Royal will be in a steel cage, no time limit, no referee, and the losers must leave town. Marshand Crisler will be the honorary referee (as it gives him a title without actually having to do anything).

Meet KIM Waaaaaade at the Entergy Tent. For five pesos, Kim will sell you a chance to win a deed to a crack house on Ridgeway Street stuffed in the Howard Industries pinata. Don't worry if the pinata is beaten to shreds, as Mr. Wade has Jose, Emmanuel, and Carlos, all illegal immigrants, available as replacements for the it. Upon leaving the Entergy tent, fig leaves will be available in case Entergy literally takes everything you have as part of its Trollfest ticket price adjustment charge.

Donna Ladd of The Jackson Free Press will give several classes on learning how to write. Smearing, writing without factchecking, and reporting only one side of a story will be covered. A donation to pay their taxes will be accepted and she will be signing copies of their former federal tax liens. Ms. Ladd will give a dramatic reading of her two award-winning essays (They received The Jackson Free Press "Best Of" awards.) "Why everything is always about me" and "Why I cover murders better than anyone else in Jackson".

In the spirit of helping those who are less fortunate, Trollfest '09 adopts a cause for which a portion of the proceeds and donations will be donated: Keeping Frank Melton in his home. The “Keep Frank Melton From Being Homeless” booth will sell chances for five dollars to pin the tail on the jackass. John Reeves has graciously volunteered to be the jackass for this honorable excursion into saving Frank's ass. What's an ass between two friends after all? If Mr. Reeves is unable to um, perform, Speaker Billy McCoy has also volunteered as when the word “jackass” was mentioned he immediately ran as fast as he could to sign up.

In order to help clean up the legal profession, Adam Kilgore of the Mississippi Bar will be giving away free, round-trip plane tickets to the North Pole where they keep their bar complaint forms (which are NOT available online). If you don't want to go to the North Pole, you can enjoy Brant Brantley's (of the Mississippi Commission on Judicial Performance) free guided tours of the quicksand field over by High Street where all complaints against judges disappear. If for some reason you are unable to control yourself, never fear; Judge Houston Patton will operate his jail where no lawyers are needed or allowed as you just sit there for minutes... hours.... months...years until he decides he is tired of you sitting in his jail. Do not think Judge Patton is a bad judge however as he plans to serve free Mad Dog 20/20 to all inmates.

Trollfest '09 is a pet-friendly event as well. Feel free to bring your dog with you and do not worry if your pet gets hungry, as employees of the Jackson Zoo will be on hand to provide some of their animals as food when it gets to be feeding time for your little loved one.

Relax at the Fox News Tent. Since there are only three blonde reporters in Jackson (being blonde is a requirement for working at Fox News), Megan and Kathryn from WAPT and Wendy from WLBT will be on loan to Fox. To gain admittance to the VIP section, bring either your Republican Party ID card or a Rebel Flag. Bringing both and a torn-up Obama yard sign will entitle you to free drinks served by Megan, Wendy, and Kathryn. Get your tickets now. Since this is an event for trolls, no ID is required. Just bring the hate. Bring the family, Trollfest '09 is for EVERYONE!!!

This is definitely a Beaver production.

Note: Security provided by INS.

Trollfest '07

Jackson Jambalaya is the home of Trollfest '07. Catch this great event which promises to leave NE Jackson & Fondren in flames. Sonjay Poontang and his band headline the night with a special steel cage, no time limit "loser must leave town" bout between Alan Lange and "Big Cat"Donna Ladd following afterwards. Kamikaze will perform his new song F*** Bush, he's still a _____. Did I mention there was no referee? Dr. Heddy Matthias and Lori Gregory will face off in the undercard dueling with dangling participles and other um, devices. Robbie Bell will perform Her two latest songs: My Best Friends are in the Media and Mama's, Don't Let Your Babies Grow up to be George Bell. Sid Salter of The Clarion-Ledger will host "Pin the Tail on the Trial Lawyer", sponsored by State Farm.

There will be a hugging booth where in exchange for your young son, Frank Melton will give you a loooong hug. Trollfest will have a dunking booth where Muhammed the terrorist will curse you to Allah as you try to hit a target that will drop him into a vat of pig grease. However, in the true spirit of Separate But Equal, Don Imus and someone from NE Jackson will also sit in the dunking booth for an equal amount of time. Tom Head will give a reading for two hours on why he can't figure out who the hell he is. Cliff Cargill will give lessons with his .80 caliber desert eagle, using Frank Melton photos as targets. Tackleberry will be on hand for an autograph session. KIM Waaaaaade will be passing out free titles and deeds to crackhouses formerly owned by The Wood Street Players.

If you get tired come relax at the Fox News Tent. To gain admittance to the VIP section, bring either your Republican Party ID card or a Rebel Flag. Bringing both will entitle you to free drinks.Get your tickets now. Since this is an event for trolls, no ID is required, just bring the hate. Bring the family, Trollfest '07 is for EVERYONE!!!

This is definitely a Beaver production.

Note: Security provided by INS