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Measure G - Foothill De Anza Bond
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Elections June 2016
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PRIMARY ARGUMENT AGAINST MEASURE_G_ (FOOTHILL-DE ANZA $898M BOND)
The Board of the Foothill-De Anza Community College District on November 25, 2019 voted to place this whopping $898 million bond measure on the March 3 ballot.
A bond measure seeks the permission of voters to borrow money by selling bonds (debt) that must be repaid, with interest (up to 12%), over decades from higher property taxes. At current (low) interest, the total repayment amount would be about double the $898 million.
The total repayment depends upon the interest rate at the time bonds are sold. In this instance, the measure contemplates the sale of about $50 million in bonds each year. That means bonds would be sold for nearly 20 years. Interest rates may increase greatly.
This is the third bond measure from this district. The first was $248 million in 1999. The second was $490.8 million in 2012.
The burden is properly upon proponents of the proposed borrowing to explain why so much is needed. See if proponents satisfactorily explain why another $898 million is needed in their ballot arguments (opening or rebuttal).
Instead of identifying just what projects would be funded, this bond measure only pledges to use the money raised for any of a broad range of purposes - guaranteeing virtually nothing. It would give the college district administrators and their board members vast discretion in spending or squandering the money.
If this passes, your grandchildren will still be paying for the debt incurred today. Our children are already burdened with too much debt, lets not add to it or to our grandchildren as yet unborn!
Tell the District to be fiscally responsible by voting NO on Measure G.
Also endorsing a NO vote:
Libertarian Party of Santa Clara County
Attorney Gary Wesley
Brian Holtz - Vice President: Purissima Hills Water District
Bill White - district resident - Los Altos
Bob Goodwyn - Candidate for Congress: District 18
Chris Robell - district resident & retired CFO
John Inks - former Mountain View City Council member