The state will sell $600 million dollars in bonds, it will cost “about $1.2 billion” to pay those bonds back. We will have to pay $570 million in interest.
The money is to be granted to local agencies for library infrastructure. A local agency must spend 35% on “construction and renovation of public library facilities” in order to get access to the $600 million.
Now, it seems to me we’re cutting hours at libraries, not planning to build new ones. Why should we borrow money and pay interest, just to qualify to borrow more money for something we won’t build? (At least not in our city…)
Arguments FOR Prop 81: “Previously approved projects… are targeted for priority funding…”
That’s just swell: Ask the whole state to borrow money to subsidize pre-approved construction projects without telling us where they are. I’ll go on record as saying I’m opposed to pork-barrel propositions, on principle.
As usual: Open to correction.