The saddest thing of all is the only people that will have to use this are the poorest school districts in the country. In other words, they do not have the taxing power to back up the bond issues they could sell, so they are going to have to use this 5 percent underwriting of their interest to sell the bonds which means the poorest people in the country will get the worst deal on building schools.
Discussing the impact of bond issues on poor school districts.
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