What this proposition does: This proposition allows the state to take out more than $3.03 billion in bonds for water quality initiatives, $2.895 billion in bonds for watershed and fisheries improvement programs, $940 million in bonds for habitat protection initiatives, $855 million in bonds for improved water conveyance, $685 million in bonds for groundwater sustainability and storage programs and $472 million in bonds for surface water storage and dam infrastructure repairs, for a total of $8.877 billion in general obligation bonds. The state would pay off the bonds over a period of 40 years with an additional $8.4 billion in interest payments for a total balance of $17.3 billion over the life of the loan. What supporters say: Proponents claim that the benefits from the money far outweigh the expense because the funds would go toward repairing, upgrading and improving California’s ailing and aging water infrastructure. The money, supporters say, would allow for programs and services that provide clean drinking water to Californians, including those in disadvantaged communities; repair existing dams and other infrastructure that have aged over time and improve long-term drought preparedness. What opponents say: Opponents claim that special interest groups will largely benefit from the issuance of new water bonds, and that previous initiatives yielded very few results. Opponents say they would like to see more money earmarked for the construction of new dams to bring new water into the state, which they say this initiative does not do. Opponents argue that state lawmakers don’t responsibly spend the money they already have for water-related issues. What a YES vote means: A YES vote means a voter wants to authorize the state to take out a loan of $8.877 billion through general obligation bonds for water infrastructure improvement programs and other water-related services. What a NO vote means: A NO vote means a voter does not want to authorize the state to take out a loan of $8.877 billion through general obligation bonds for water infrastructure improvement programs and other water-related services. Official ballot title: “Authorizes Bonds to Fund Projects for Water Supply and Quality, Watershed, Fish, Wildlife, Water Conveyance, and Groundwater Sustainability and Storage. Initiative Statute.”]]>
Election 2018: Proposition 3 – Water Bonds
Authorizes the state to take out a loan of $8.877 billion through general obligation bonds for water infrastructure improvement programs and other water-related services.