Propsition 14

Proposition 14 - November 3, 2020 Ballot Measure

Proposition 14 is one more California State bond issue which, according to the Secretary of State Alex Padilla, will cost taxpayers approximately $310 Million per year for 25 years (or $7.8 Billion total) to pay off.  If approved by voters, the first payment on this bond would be delayed for five years which adds to the pay-off cost.

California already has approximately $83 billion of General Fund-supported bonds on which it is paying $6 billion in annual principal and interest.  The voters and the Legislature have approved another $39 billion of General Fund-supported bonds that have not yet been sold.

            In addition to all this, California voters approved four bond measures which appeared on the November 6, 2018 Ballot.  Together, these measures would authorize the state to borrow an additional $14.4 billion.  It will cost approximately $26 billion (including interest over a period of 40 years) to pay off these new bond measures with annual general fund payments of $650 million.

Of the $5.5 Billion Prop 14 bond measure, only $1.5 billion is dedicated to research and therapy for Alzheimer's, Parkinson's, stroke, epilepsy, and other brain and central nervous system diseases and conditions.  The remaining funds provide grants to non-profit and private entities for stem cell, medical research, medical training and construction of research facilities - whatever that means.

The coronavirus epidemic has decimated California's economy resulting in a declared budget deficit of $54 billion - possibly, it is time to say "NO."

Piper's Papers

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September 2020

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