
Retrieved from: Sac bee
“The Bee’s Feb. 5 editorial, “Water bond will sink if it stays bloated,” was accurate when it described the $11.14 billion water bond as an albatross that voters need to put out of its misery. But there’s an even more efficient and practical course of action that would save taxpayers money and legislators embarrassment when the initiative fails miserably: legislative repeal of the bond before November.
“If you are a shipbuilder and you know your boat will sink as soon as it disembarks, would you let it set sail? Of course not. But instead of admitting that the water bond has been built to fail, Gov. Jerry Brown and some legislators would prefer to delay it instead of scrapping it once and for all and going back to the drawing board to develop sound state water policy.
“We’ve been led to believe that the water bond will provide the funding necessary to restore the Sacramento-San Joaquin Delta and to ensure water supply reliability for Southern California, but the truth is that two of the nation’s biggest and most powerful agriculture operations stand to benefit most.Wetlkands Water District and Paramount Farms, both in the arid southwest corner of the Central Valley , were key players in drafting and lobbying for this water bond that would cost taxpayers $22 billion with interest over time. Combined, they hold more than 800,000 acres of land and seek the delivery of more than 1 million acre-feet of water from the Delta which, for perspective, is more water than San Fransisco and Los Angeles combined use each year.”
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Source: S&P Capital IQ. 2010 earnings adjusted for gains from bottler acquisition.







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