The Los Angeles school district is set to issue up to $500 million in bonds to manage the financial repercussions of sexual abuse claims, with about 370 cases reported. This decision follows a series of allegations stretching back to the 1970s and is in response to California's Assembly Bill 218, which allowed adults to sue for historical abuse. The district aims to alleviate immediate financial burdens by spreading repayments over 15 years without needing voter approval, thus affecting regular budgets instead of property taxes, while also establishing its own insurance company for future claims.
The Los Angeles school district will sell up to $500 million in bonds to finance the repayment of past claims of sexual misconduct.
Los Angeles Unified has faced about 370 sexual abuse claims, with payouts totaling an astonishing $302 million in the current fiscal year.
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