SACRAMENTO, CA – Last week, the Southern California News Group’s eleven member newspapers editorialized in favor of Proposition 53 citing that voters should have a say on state megaprojects. The initiative would give voters more power by requiring a public vote for state megaprojects that use more than $2 billion in state revenue bonds. It would also increase transparency by ensuring the disclosure of the total cost of a project before the vote.
Read excerpts from the editorial, “Yes on Prop. 53 for voter review of big state projects,” below:
“This editorial board likes the idea of letting voters have a say about huge state projects…
It could come for pass, for example, that cap-and-trade funding for Gov. Brown’s bullet train project continues to dry up, and state officials might decide that issuing revenue bonds would be a good idea, with planned payoff of the bonds from future riders’ fares. If Prop. 53 were a law, that revenue bond would have to go to voters — who might reasonably suspect that future fares won’t be sufficient and might turn down the idea.
That doesn’t mean that no project could get built with revenue bonds. It simply means the case made for the project’s importance would have to be good enough that more people would vote for it than against it.
Vote yes on Proposition 53.”
The Southern California News Group consists of the following newspapers:
Proposition 53 would require statewide voter approval for state revenue bond projects costing more than $2 billion, closing a loophole that allows politicians to issue massive new debt for multi-billion dollar projects without voter approval. For more information, visit: www.YESon53.com.