Letters to the Editor 1-31-13

Bad CAPS
Editor: Capital appreciation bonds, or CABs as they are known, are the latest scourge in public schools financing. Once voters approve a school bond, district officials can issue either traditional current interest bonds or CABs. Unlike current interest bonds, for which repayment begins immediately upon issuance, CABs defer repayment for years allowing tremendous amounts of interest to accrue. This allows school officials to misrepresent to voters the true cost of the bond by ignoring the long-term cost.
Total repayment cost for current interest bonds, much like a homeowner’s mortgage, is typically two to three times the amount borrowed. As bad as that sounds, the repayment cost for CABs is ten to fifteen times the amount borrowed. A $15 million CAB issued by the Jefferson Union High School District in Daly City, for example, will cost residents of the district over $127 million to repay. Hundreds of CABs have been issued by school districts throughout the state and represent ticking time bombs for unsuspecting residents.
State Treasurer Bill Lockyer and State Superintendent of Schools Tom Torkelson have called for a moratorium on CABs and legislation has been introduced in both the Assembly and Senate to ban the practice. We encourage passage of this legislation.
Dan Drummond, Executive Director, Sonoma County Taxpayers’ Association
Vinecrest anniversary
Editor: In 1998 brand new – Vinecrest Senior Apartments in Windsor welcomed the first group of residents. Our apartments were brand new, shiny and fresh. And so were we.
Today 18 of us are still here from that first bunch of 60.  Some of us were new to apartment living. We soon felt at home and began to enjoy the amenities and our neighbors. We all had different talents, hobbies, dispositions and tastes.
Tana and Mike, our delightful managers began the job of sorting out these differences as they created a homey feeling here. We had many delicious holiday dinners and potlucks in the main room with Tana’s luscious turkey and shrimp, and the residents’ various culinary creations – tasty sides and yummy desserts.
There was our welcome party at the garden area and the afternoon and evening treats through the years of concerts, bingo, and talks to help with our health and ageing decisions. I have memories of the yard sales at the clubhouse, our writing class on Wednesdays, Claire’s yoga classes, talks by a nurse about medical issues. We had meetings in the craft room and library. Mike has been and is a willing help. He has been kept very busy answering SOS calls for broken faucets, ant invasions, carpets cleaned, cold heaters and no warm water. And with his sense of humor he has cheered us.
The years went by. My cute dimples have turned into wrinkles. We lost some dear friends to live with their children, reside in care homes after an illness, or move to the other side of the grass. I still miss many of them and enjoy the people who took their places.
I never thought I’d still be here 15 years later. Our apartments are so cheerful and comfortable and we have all the privacy and quiet if we desire it. We are grateful for our caregivers and helpers.
I thank God for such a warm and cheerful place to spend my remaining senior years. I shall thank Him if I am given more time and friends at our Vinecrest Senior Apartments here in fun Windsor.
Peggy Shearer Raggio,
86 and counting.
Windsor