Proposition 1D: School Bond
Proposition 1D would authorize a ten billion dollar bond to improve public school facilities. Supporters it would relieve overcrowding and improve earthquake safety. Backers call it fiscally irresponsible. Nora Gregory reports.
Monday, November 6, 2006
It’s called the Kindergarten-University Public Education Facilities Bond - or Prop 1D. It would funnel more than seven billion dollars to K-12 schools and about three billion to higher education for new construction and modernization of buildings. And for the first time, bond money would go towards creation of facilities for vocational and technical programs. Yes on 1-D campaign spokesman Barrett Snider says now is the time to act.
California schools, over the past ten-fifteen years, have continued to decline in quality. So, we need to modernize our schools. And additionally, five-hundred thousand kids are born in California every year and we have to ensure that we have capacity for those kids to move through our systems.
But, opponents say the costs of the bond would outweigh the benefits. Jon Coupal is president of the Howard Jarvis Taxpayer’s association. He says excessive bond issuing over the past decade has already put the state deep in debt.
Although it’s a ten billion bond, we pay 20 billion because you have to include the interest payment. That is not to suggest that bonds are an inappropriate way to finance long term capital improvements, its just that we finance a number of education facilities already with bonds.
Both major party candidates for governor support Prop1-D. The non-partisan Legislative Analyst’s Office estimates it will take California 30 years to pay off the principal and interest on the bond.