The $15 billion March Prop 13 may buy iPads and paint with 35 year bonds
In March California voters may well vote to go further into debt with a mislabeled “Prop 13” $15 billion state bond measure. I’ve previously written an article about why this con job (using “Prop 13”) is a terrible idea.
But I must credit the recent SAN DIEGO UNION-TRIBUNE editorial opposing this March Prop 13 (occasionally they get something right) with presenting an additional devastating point that needs emphasis. It’s worth quoting and expanding on. It’s an insight that no one is raising:
“Sadly, the days when California required 35-year bonds be used only tobuild long-term capital improvementsare long gone. Proposition 13 specifies $5.8 billion would go to K-12 schools to build,repairandmodernize schools. What does this mean with current loose rules? Districts use long-term borrowing to pay for… Read More