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School district pays for risky bond swaps

The Morning Call in Allentown, Pa., published “Risky Business,” a four-part series on the Bethlehem Area School District’s costly use of variable-rate bonds and swaps to finance hundreds of millions of dollars in school renovations. "While the board approved swap after swap on the advice of the administration and former financial consultant Les Bear, no one in the district apparently was keeping track of the deals' costs that tied 75 percent of the district's total construction debt -- $278 million -- into risky variable interest rates."

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