Proposition #: 53
A.K.A: Voter Approval Requirement for Revenue Bonds above $2 Billion (looking at you crazy train)
Our vote: Yes
Are we alone? The taxpayer associations are with us on this one.
Here is the bottom line:
Right now politicians and state agencies get to borrow billions in revenue bonds and guess who gets to pick up that tab? Yup, California taxpayers. We think that it’s about time you got a say in whether or not you think a project is worth the debt it’s going to incur. Now, this doesn’t apply to every project – it’s focused on those that require more than $2 billion in state revenue bonds. We already have $330 billion in bond debt to pay back so if we are going to add more to that the least they could do is ask the voters who will be paying it back.
Not only would you get a say in bonds issued under Prop 53, but you would also get important information like the full expected cost of the project and how much would be spent in interest payments to cover the debt.
Why is this a big deal now? Well, a lot of people are a little heated about that multi-billion dollar project called high-speed rail. In the past two years it has slowed down in the speed realm, but picked up the pace in the cost arena.
This Proposition would let you be the guardian of your paycheck…and the state debt. #SuperHero
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