State Leaders Move To Ban Leander ISD's Dangerous Borrowing Practices

Apparently Leander ISD has become the Texas poster-child for poor financial leadership.  Not only did LISD borrow & build excessively, the district further exacerbated their financial woes with the use of Capital Appreciation Bonds, or CABs.  CAB financing allows borrowers to 'kick the can down the road' with bond maturity dates 20, 30, or even 40 years after issue.  Furthermore CABs increase total payoff significantly, leaving taxpayers to pay back as much as 10 times the amount initially borrowed.  Consequently, Leander taxpayers are now on the hook for $2.7 billion dollars in local debt. 

The alarming CAB trend has prompted legislators of both political parties to act.  Democrat Senator Juan "Chuy" Hinojosa and Republican Representative Dan Flynn have filed bills to prohibit local governments from using CABs to finance debt.  The companion bills are SB 449 and HB 3416.  If approved, the measure will prevent any future districts from 'becoming Leander ISD.'

Sadly, the measure comes too late to protect Leander taxpayers.  Years of poor financial management have created a quagmire for the school district (which features empty schools but plenty of impressive football facilities.)  While the district is ripe for new leadership, only one school board member has been challenged.  Trustee Pam Waggoner has served intermittently since 2002, and has been challenged by Jim MacKay.  Waggoner, who is endorsed by Democrat State Representative Donna Howard, has served as an apologist for LISD debt.  In stark contrast, Jim MacKay has been endorsed by former Republican Party of Texas Chair and Reagan Administration official Tom Pauken.  MacKay has launched his campaign with some serious questions about the finances of the district. and the CAB problem is huge factor in the upcoming election. 

Leander ISD's financial future is uncertain, but hopefully the State Legislature will act to prevent other districts from the same fate. 

Leander ISD Trustee Can't Remember Own History, Is Endorsed by Far-Left State Rep UPDATED

 Awkward Campaign Moments...

Apparently Leander Independent School District Trustee Pam Waggoner has met the approval of far-left Democrat State Representative Donna Howard.  Waggoner is touting Representative Howard's endorsement on her campaign website.

Howard, who is herself endorsed by the AFL-CIO, has received 100% ratings from NARAL Pro-Abortion America and environmental groups, and garners ratings of 45% from the Texas Association of Business, 6% on Personal Liberty issues, and 0% on 2nd Amendment Rights.   Howard makes a habit of endorsing lefty Democrats, and in the past threw her support to Diana Maldonado and Matt Stillwell.  (Both lost in 2010 and 2012 respectively.)

Trustee Pam Waggoner also seems to mix up her own political history.  According to her website, she was:

"Leander ISD Board of Trustees, 2002-2008. Re-elected to the board 2009 to current."

The truth is that Waggoner was defeated in the 2008 election by Trustee Will Streit, but ran again and was re-elected in 2010, not 2009 as her website states.

Yikes, that's almost as bad as forgetting that you were born in New Mexico, not Texas.

In case you missed it, Jim MacKay of Cedar Park has filed to run against Waggoner, and the major campaign issue at hand is the horrific state of the Leander ISD's financial affairs.   Waggoner has been on the board intermittently since 2002, and doesn't seem too concerned about the $2.7 billion debt owed by Leander/Cedar Park taxpayers.  Maybe she thinks Obama will pay it out of his stash.?

UPDATE:  Oh my, it seems Ms. Waggoner scrubbed her website over the weekend.  Representative Donna Howard's endorsement has disappeared, and Waggoner's dates of service have been corrected.  Still no mention of the 2008 defeat.