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