Bond questions

On June 10, we will be asked to vote on a $29 million bond for natural resource, agriculture and transportation infrastructure. What are we voting for? The politicians in Augusta just tell us the total, not what it will be used for. The state constitution requires that the budget must be balanced.

Is this how we balance the budget, by passing bond issues that are not capital expenses?

For every bond we pass, we have to pay interest. This $29 million bond has projected interest of $8 million. Added to this is the $399 million in approved, but not issued bonds. If a bond is needed so badly, why are they not issued? Maybe all bonds should expire after three years if they are not issued, so we don’t have such a big slush fund on hand.

In 2008, the interest paid by taxpayers on the bond debt was $95 million. What was the budget shortfall? If we didn’t have to pay the interest, the money could have been put to better use than giving it to the bonding houses and banks. Interest on bonds is like a home mortgage. The interest is paid first, and the only ones profiting from it are the banks.

If the Legislature won’t tell us how they are going to spend the bond, do not vote for it.

Daniel Sullivan

Surry