Why Teachers Should Vote NO

Spartanburg District 7 Teachers

Moody’s Rating Service says the District 7 Pension Fund is $200,800,000 Underwater. Do you really want to depend on beleaguered property taxpayers to cover your retirement check?

These same taxpayers may have to guarantee that investors who purchase the proposed upcoming referendum bonds get paid first. Their take will be $479,100,000!

$479,100,000 is the amount to repay projected principal plus interest.

These numbers may shock you. They certainly did us. You may not even believe them. We didn’t either….at first.

We understand that the school district’s auditors calculate your pension fund to be “only” $99,195,000 in the red, but investors look more closely to Moody’s Credit Rating, who says it is double that amount.

While the School Board says the proposed school building bond is only $185,000,000 they are not telling you that it is part of a package of additional bonds. Their public statements also leave out the interest on these bonds over their repayment schedule. Their own projection for all of this says the total that property taxpayers need to cover is $479,100,000!

We have screen shots and links to the District 7 and Moody’s documents . They’re posted here and on our Facebook page. Check them out for yourself.

And once you are convinced that our numbers are credible, ask yourself an important question. In light of our troubled economy and South Carolina’s poor pension fund balances…

Do you want to vote for an extravagant building proposal that could place your own retirement check in jeopardy a few years down the road?

If not, join us and VOTE NO, March 15, 2016.

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Moody’s Investor Service. Click below for the 5 February 2016 report:

Moody’s Credit Opinion for Spartanburg County School District 7