SAN FRANCISCO – California’s Department of Education head, Tom Torlakson, has joined Treasurer Bill Lockyer in a fight to curb the sale of what they call high-cost capital appreciation bonds, calling for a moratorium.

Torlakson sent a letter Thursday to school district officials asking them to hold off on issuing CABs with high payment-to-principal ratios until Gov. Jerry Brown and the Legislature have a chance to consider proposals to reform the process.

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