Not only is this measure allowing them to issue one billion dollars in bonds, with the taxpayers paying the interest, when they make payment on the bond they can keep issuing more bonds to keep the debt at one billion dollars FOREVER! So we have issued a line of credit (credit card) our great grand-kids will be paying on. The county can max out the credit card, make the minimum payment, and keep charging to keep the debt at one billion dollars. Talk about fiscal irresponsibility!
So what will happen is they will borrow and the extra permanent sales tax will be used just to pay the interest in this bond, and nothing new will be built.
To make matters worse, the Yes on B1 committee is circumventing the mandatory campaign finance disclosures. They are required to post the contributions they receive but they are not doing this. Look at the glossy brochures we receive. They are costing a lot of money and they will not tell you who is paying for it. No Bay Area newspaper reporter has been able to get the campaign contribution information.
This tax is a huge scam!
Vote NO on B1 and let your neighbors and friends know the facts. Also, any politician who endorses Measure B1 because they think a tax in perpetuity and a one billion line of credit forever is a good thing does not have their head screwed on straight and should be voted out of office.
This story contains 292 words.
If you are a paid subscriber, check to make sure you have logged in. Otherwise our system cannot recognize you as having full free access to our site.
If you are a paid print subscriber and haven't yet set up an online account, click here to get your online account activated.