Places $3.1 Billion Bond on 2018 Primary
Sacramento, California, Tuesday
March 21, 2017____ Assemblyman Jay Obernolte (R-Hesperia) announced that
Assembly Bill 18 passed off the Assembly floor, which seeks to place a $3.1
billion bond on the June 5, 2018 ballot. The funding for this bond almost
entirely is dedicated to creating urban parks, providing minimal funding to
“I am a passionate advocate for our
state park system and have voted multiple times to increase its funding.
Unfortunately, this bill does not take a pay-as-you-go approach but instead
proposes to issue over $3 billion in new state bond debt to fund these parks.”
Assemblyman Obernolte said. “We cannot continue to
borrow money for pet projects while we waste billions of taxpayer dollars on
other programs like high speed rail.”
AB 18 proposes to place a $3.105
billion bond before voters next year. It provides only $40 million for rural
recreation, which is a paltry 1.3% of the total money allocated in the
bond. Meanwhile, AB 18 earmarks $30 million to "pet projects"
in the author's district, and $600 million for climate change resiliency
projects and wildlife protection throughout the state. This bill represents largely conservation interests that
primarily benefit urban California, yet has been disguised as a "Pure
The Legislative Analyst’s Office
reports that repayment of this debt will require not the $3 billion that was
borrowed, but instead over $6 billion when interest and fees are included. If
the Legislature were to alternatively adopt a pay-as-you-go approach, the state
could build twice as many new parks as this bill proposes to build.
“Continuing to add to our State’s
long-term debt during a year when we are about to pass a record spending budget
is irresponsible” Assemblyman Obernolte said. “Sacramento should eliminate
waste and focus on saving for a future recession instead of increasing our
debt, a debt that our children and grandchildren will be obligated to repay.”
This bill still needs to pass the
Senate with a 2/3 vote and be signed by the Governor to become law.
Assemblyman Jay Obernolte