Tuesday, November 25, 2014

Peripheral Tunnel/Canal, Same Thing

I wonder how many people realized what they were voting for when they approved the bond measures.  

Mercury News:
The overall cost for the tunnels is politically sensitive. State voters will be asked to approve a water bond to pay for parts of it in November, and polls have shown that the more government projects cost, the less likely voters are to support them. Water agencies around the state would sell bonds to pay for much of it also, and the higher the borrowing costs, the higher they will have to raise water rates on the public.
Many large public projects are funded with money from bonds. But the tunnels project would rely on bond borrowing to cover a huge percent of its costs: roughly 85 percent. By comparison, the financial plan for Brown's other major project, high-speed rail, relies on state bonds for only 12 percent of its funding -- $8 billion of the $68 billion price tag -- with the rest, he hopes, to come from Congress, private companies and others.

EDIT:  Hat tip to sm_landlord for this pdf file "The Time the Canal was Defeated."  This also proves the old saw of politics; yes means yes forever and no means until next time. 

1 comment:

sm_landlord said...

Interesting document relating the previous effort to build the Peripheral Canal back back in 1982: