A nationally recognized charter school in South Los Angeles has defaulted on a $9.9 million loan extended by the Los Angeles Unified School District using voter-approved bond funds, documents and interviews show.
The Accelerated School, an elaborate, high-tech campus where Mayor Antonio Villaraigosa delivered his State of the City address last spring, made a $200,000 payment about two weeks ago -- but only after district officials received a memo alerting them the campus was in default. The school previously had made two payments totaling about $1 million, the last in October 2005.
``They made a payment, but they're still way behind,'' school board member David Tokofsky said. ``Why we haven't foreclosed, I don't know.''
Michelle Meghrouni, the district's assistant general counsel, said Wednesday the loan is in default, and that district and Accelerated School officials are discussing a possible resolution, including renegotiating terms of the deal.
Meghrouni said she believes the loan, made in June 2004 using revenue from voter-approved school construction bonds, is the only one of its kind extended by LAUSD to a charter school.
Jonathan Williams, the founder and co-director of the school as well as a member of the State Board of Education, said campus officials are trying to work through the financial crisis...
NOTE: Governor Arnold Schwarzenegger reappointed Johnathan Williams, Accelerated School founder and co-director, to the California Board of Education in March 2007.