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Bond Money Not Spent

October 27, 2008 - 9:27am

Californians are being asked to approve more than $15 billion in additional bonds on the November ballot. But the state hasn't sold many of the bonds approved in the 2006 election. According to the Sacramento Bee, less than $4 billion of the $42 billion approved in 2006 (as part of Gov. Schwarzenegger's infrastructure package) has gone out the door. This is a political problem for the bond measures on the ballot. From children's hospitals to the Los Angeles Unified School District, varoius entities are asking for more bond money long before they've spend the money from previously approved bond measures. I suspect that Californians are about to vote down a number of bond measures around the state.

Particularly vulnerabile is L.A. Unified's Measure Q. It's the most financially irresponsible bond measure in recent memory. And in California, that's saying something. It's a $7 billion bond -- more than twice as much as any school district spending plan can justify -- and is being sought by a district that has flat enrollment and that has just had a huge, multibillion dollar building plan. What's more, as the LA Times recently reported, the district is skirting laws preventing taxpayer money from being spent on political campaigns in spending big money to promote its own bond measure.