Furthermore, I really dislike the strategy of writing a proposition that does nothing but affirm existing law. Proposition 60 was put on the ballot solely as a hedge against the open primary initiative, Proposition 62. If 60 and 62 both pass, the one with more votes takes effect. They do this just to confuse voters -- I find the practice disingenuous and cynical; it ought to be discouraged.
Both major parties support Prop. 60, but most newspapers I've read and I think Governor Schwarzenegger oppose it.
The debt in question is the $15B in bonds approved by voters in March 2004 -- once these bonds are paid, property sale proceeds would revert to the General Fund. The Legislative Analyst's summary is informative: the revenues from these sales average $30M annually. The bonds are currently paid from certain designated revenue streams, so 60A would accelerate their repayment but only by a few months and would save only a few tens of millions in interest, according to the Legislative Analyst's estimate.
Does 60A force or accelerate the sale of surplus property, and would that be bad or good? My Democratic Club was concerned that 60A would accelerate the sale of surplus property, but the Anti-60A ballot statement is concerned that 60A would not force the sales. I agree with the Dems that forcing sales might be bad, but I don't include that in my argument, because I don't think 60A forces or accelerates sales. The Legislative Analyst's summary says there is a standing mandate that the state attempt to sell any surplus property, and 60A contains no language to strengthen that part of the law. The Oakland Tribune has more background on the surplus property issue than I've seen elsewhere.
This surplus property sale business was originally part of Prop 60 to try to improve that measure's chances against Proposition 62. This violated a requirement that ballot measures treat only a single issue, and the courts ordered the separation.
Other sources:
The newspapers below have non-editorial articles that may also help, but I'm mostly linking to their endorsements pages.
Update, Nov 3: closing comments now that it's all done - not that I don't want to hear what people have to say, but to prevent spam.
Posted by betty at October 28, 2004 07:58 PM | TrackBack