Argument Against the San Mateo Community College District $388,000,000 Bond Issue: Measure H
Measure H will saddle the District with huge new debt.
To service the loans and pay them back, San Mateo Community College District must either divert existing revenues being used for education services, or force all property owners in the district to pay more taxes.
Servicing debt isn’t cheap. A 3% interest rate on a $388,000,000 bond means paying $11,640,000 in annual interest for 25-30 years. The total cost of the bond measure in today's dollars? $679,000,000 – more if not paid back in the first 25 years.
The District says it needs $388,000,000 to “upgrade computer, biotechnology and job training facilities.”
Would you take out a 25-year loan to buy a computer that’s going to be obsolete in 3-5 years? No? Nuts right? But, that’s the District’s plan.
Having brand new classrooms is nice for the students and teachers, but does that add any real value to their education?
The District claims it wants to make sure classrooms meet “earthquake, first and safety requirements.” If this were true, then why haven’t they taken care of this before allowing students to use the facilities? If this concern were legitimate, then they should not be using the facilities at all, until they are safe. If the facilities are safe, then this cannot be a legitimate concern.
School bonds, like mortgages, must be paid back in full -- plus interest. These interest payments are funds that don’t go to teachers, libraries, computers, or maintenance; they just go to service the debt.
Is this the best use of our tax dollars?
If your answer is “no,” please vote NO on Measure H.
At some point, enough is enough!
You can be for schools, for students, and against Measure H .
For more information, please see: http://votenoonmeasureh.wordpress.com/