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Drowning in debt: Water bond broadly opposed

Posted by: Maven on November 16, 2009 at 6:39 am

From the California Progress Report, this commentary from Traci Sheehan of the Planning & Conservation League:

“Newspapers across California are advising voters that the $11.14 billion water bond that the legislature put on the ballot next November is bloated and unaffordable.

In Southern California the opposition is loud and clear. On Tuesday The Orange County Register wrote, “The Legislature and governor seem oblivious to state Treasurer Bill Lockyer’s warning that the annual repayments of up to $800 million for the water bond will add to the state’s annual debt service, now at $6 billion and growing. Without the new obligation, debt service payments are projected to escalate from the current 6.7 percent to 10 percent of the state’s general fund budget by 2015.”

In Monday’s article “Our View: The bond is full of waste”, the Merced Sun-Star highlighted to its readers that “The state will have to pay hundreds of millions of dollars in interest each year that could go to education.” …”

Read the rest of this commentary by clicking here.

November 16, 2009 · Filed Under Legislation - State & Federal

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