Parents in the Poway Unified School District are outraged after learning a $105 million bond measure to improve their schools will now cost about $1 billion to repay.
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Among the concerned parents is Laura Van Tyne, who told 10News she has three children in the district.
"I was one of the core volunteers to get this measure passed," she said.
Ten years ago, Van Tyne and other voters in the district approved a ballot measure to modernize and begin new construction at the oldest 24 schools in the 38-school district.
Last year, Poway Unified received $105 million for school construction in a capital appreciation bond.
The district does not have to start paying on it for another 20 years but all the while, interest compounds at nine times the principal. That means the $105 million, when it is finally repaid in the year 2051, will cost about $1 billion.
Van Tyne said she wants answers.
"If they would have said the $105 million would cost us $1 billion in the back end -- I guarantee you -- it never would have been passed," she said.
A meeting regarding the measure will be held Monday evening at the Poway Unified School District offices. Hundreds of parents are expected to attend.
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