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California Teachers Association wants $40 million line of credit

As blurbed here, the CTA's controller, Carlos Moreno, says it's already spent all of the money it expects to get over the next three years from the recent $60 annual fee it charged its members to conduct their anti-Arnold campaign.

Now, they want a $40 million line of credit.

From the controller's affadavit in this PDF file:
Since June 21, 2005, CTA has continued to spend considerable sums of mone on the initiative campaign. Spending this money has necessitated CTA obtaining a $14 million loan. We are currently paying interest on that loan. CTA has spent the money on the initiative in reliance [on the $60 increase]...

CTA is in the process of negotiating a necessary $40 million line of credit. The proposed terms for the new line of credit call for the income stream from the $60 dues increase, together with CTA's other ongoing income, to pay back the principal and interest. If the TRO is granted, it will greatly harm or destroy CTA's ability to get this line of credit. If CTA is unable to get this line of credit, there is a significant risk that an outstanding $20 million line will be called. Millions of CTA's members dues dollars are possibly at stake...
Previously: "Don't believe the California Teachers Association TV commercials".

UPDATE: From this:
The governor's people have tallied up the money raised so far by the unions against his initiatives, accounted for transfers among the committees and say the total now tops $100 million...

California · Tue, 10/11/2005 - 12:29 · Importance: 1

Tue, 10/11/2005 - 18:47
Victoria, So Cal

OMG!! Can they do that? Talk about pushing your agenda down the throat of the membership! Now the membership is going to be responsible for repaying this gross misrepresentation.

Then again, if "I" were running scared with the thought of the "gravy train coming to an abrupt end, it might be justified. Desperate people do desperate things....evidently.

Tue, 10/11/2005 - 13:10
Gary

When a business has loose financial controls and gets in over its head, it has to file for bankruptcy, and in many or most cases eventually is dissolved. Why should the CTA be exempt from the laws of economics?