‘Wrong Road: No on 74’
While Gov. George Deukmejian is traveling the freeways in Los Angeles touting the good economic conditions in California and selling his highway bond proposal to be voted on in June, we taxpayers should understand the ramifications of this kind of financing.
Like your home mortgages and credit card purchases, bonds carry interest charges. When the Duke urges us to borrow $1 billion, we must pay back the $1 billion plus $790 million in interest.
This method of financing places the burden on all citizens to pay for roads, rather than the users. It also relieves the truckers, especially those from out-of-state who beat our highways to death, from paying their fair share.
The whopping total of $6.2 billion worth of bonds has been placed on the ballot for voter approval in June. This is a terrible way to finance state government.
Taxpayers deserve a better program than this rip-off.
GRANT W. JENSEN
Bakersfield
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