Central Subway boondoggle rolls on
The State of California is cutting salaries of state workers, eliminating welfare benefits for the unemployed, eliminating health insurance for low-income children, and city schools have a $30 million deficit, but the state will still give San Francisco $61 million for the Central Subway!
Labels: Central Subway
posted by Rob Anderson @ 10:23 AM
5 comments
5 Comments:
Good chance the state won't give the SFMTA that money. Hence the SFMTA board voting to allow the ability to float $61 million in bonds.
Great. Compound the stupidity by borrowing money to keep the boondoggle going, even though Muni has a $20 million deficit and not enough money to maintain its fleet.
By the way, $61 million in bonds will cost city taxpayers more than #100 million including principle and interest, which will add more than $100 million to the city's contribution to the Central Subway project, bringing it up to $223 million. And what about the rest of the $471 million the state is supposed to contribute? City Hall better start thinking about a bigger bond to cover that. Like the high-speed rail project, it's unraveling for this stupid public works ponzi scheme, which from the start was a political deal disguised as a transporation project.
SFMTA got $61 million from the state via bonds.
Also, https://www.youtube.com/watch?v=DRGODHF1Uco&feature=player_embedded
State bonds, not city bonds? Funny because the state is now $16 billion in the red. Presumably our "progressive" representatives in Sacramento kept this boondoggle going like they're trying to keep the high-speed rail fiasco going. Lots of union jobs at stake, regardless of the merits of these projects, and the Democratic Party needs union support.
Interesting video link you provided. Even though it's a Republican saying it, I have to agree. He seems to misquote the Grand Jury report on the Central Subway, which was too lame to actually call for the project to be scrapped, which I pointed out at the time. But they did call attention to the long-range problem of skimping on Muni's maintenance budget.
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