Power of People to Veto Revenue Bonds Under Threat
San Francisco is one of two cities in California where politicians must seek voter approval before issuing revenue bonds. Revenue bonds can trigger rate increases and pass-throughs. This veto power is under threat at the upcoming election.
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No on F, H, & I San Francisco Nov. 2001 Election
Propositions F, H, and I all threaten your ability to vote on the issuance
of revenue bonds. Currently, whenever the Board of
Supervisors wants to issue revenue bonds for energy related purposes, the Board
must present you the plan to gain your authorization to proceed by placing the
plan on the ballot. Propositions F, H, and I amend current law in dramatic
fashion. If Proposition F passes, a new bureaucratic Power and Water Agency
will be able to issue revenue bonds up to $100 million without ever seeking your
input, without ever going to the ballot; if they issue revenue bonds greater
than $100 million, you will have only 30 days to collect 10,000 signatures to
place the plan on the ballot. If Proposition H passes, the Board of Supervisors
will never again have to come to you for your approval by placing the plan on
the ballot when they want to issue revenue bonds for renewable energy,
regardless of how much the bond plan costs. Finally, if Proposition I passes, a
new, independent government agency will be able to issue revenue bonds without
ever having to gain your input by placing the measure on the ballot.
Propositions F, H, and I silence your voice by stripping away your right to
vote