Rising debt burdens in California is a “headwind” for voter-approved water bonds. Given the crowd I roll with, this is conventional wisdom. I find unconvincing Department of Water Resources (“DWR”) discussion of bond funding for the conservation and restoration part of the BDCP. DWR simply believes that California voters pass water bonds by large majorities.
How does one choose between these two world views? Simply look at the very history of California water bonds found in DWR materials!
Based on the history of water bonds, the 2014 water bond has about 7-1 odds against passing. A smaller water bond would do better, but are not close to an even money bet. Time to seek counsel from a former Carmel mayor. Do you feel lucky . . .? Continue reading