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www.stopsmart.org
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Top News October 1, 2008, 1:27PM EST
Municipal Bonds Freeze Up
Interest payments soar for cities and counties, some of which loaded up on complex derivative deals similar to ones that swamped many banks
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| THEY SAY - SMART WILL BE COST EFFECTIVE |
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| LINK TO VIDEO |
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"WE ALREADY OWN THE RIGHT-OF-WAY, THAT'S WHY, ECONOMICALLY, THIS PROJECT IS SO ATTRACTIVE"
2006 INTERVIEW
BOB JEHN
DIRECTOR - SCTA (SONOMA COUNTY TRANSPORTATION AGENCY)
DIRECTOR - SMART
DIRECTOR - NCRA
DIRECTOR - HUMBOLDT COUNTY TRANSPORTATION AGENCY
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PRIOR TO THE DEFEAT OF THE SMART TAX MEASURE IN 2006, MR. BOB JEHN WAS VERY OUTSPOKEN IN HIS SUPPORT OF BOTH FREIGHT AND PASSENGER TRAINS. BECAUSE HE IS A UNIQUE INDIVIDUAL WITH INTIMATE KNOWLEDGE OF THE PLANS AND OPERATIONS OF MULTIPLE TRANSPORTATION AGENCIES WE CONSIDER HIM TO BE NOT JUST AN ELECTED OFFICIAL, BUT THE MOST EXPERT ON TRANSPORTATION MATTERS AMONG ALL ELECTED OFFICIALS IN BOTH SONOMA AND MARIN COUNTIES. WE HAVE NEITHER ANY REASON TO SUSPECT OR BELIEVE THAT MR. JEHN HAS EVER ACTED WITH A CONFLICT OF INTERESTS.
STOPSMART
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BUT, MR. JEHN, ACCORDING TO PAGE 25
IN THEIR JULY 21, 2008 FUNDING PLAN,
SMART NEEDS TO SPEND ANOTHER
$30,248,131
TO ACQUIRE MORE RIGHT-OF-WAY
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| LINK TO SOURCE DOCUMENT |
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| LINK TO WEBSITE |
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| An ECONOMICAL Alternative:
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With gas prices at an all time high and continuing to rise, SMART provides a more economical transportation alternative. |
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SMART already owns the rail right-of-way; using it this way is fiscally responsible and cost-effective. |
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SMART is an investment in our future transportation infrastructure. The economy and environment will suffer if we continue to depend only on roads and driving |
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| LINK TO WEBSITE |
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| The SMART train and pathway project will cost an estimated $541 million (in current dollars) to build, including rail vehicles, stations, track upgrades, bridge reconstruction and other capital costs. The bulk of those costs will be covered by a ¼-cent sales tax dedicated to SMART. Marin and Sonoma Counties can pay for the construction and 20-year operation of the SMART train and bicycle/pedestrian pathway.
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| LINK TO WEBSITE |
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| The quarter-cent transportation sales tax provides an economical, practical alternative and a critical investment for our future.
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WOW, SMART IS AN ECONOMICAL ALTERNATIVE. THAT SOUNDS GREAT! |
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TAX FUNDING (LOCAL SALES TAX)
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MEASURE M
(2004 SONOMA)
$21,850,000
EXPIRES FY 2026
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MEASURE Q
(2008 SONOMA/MARIN)
$860,679,000
EXPIRES FY 2029
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ALL DATA CAME FROM THE 2008 SMART FUNDING PLAN
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| 2008 SMART FUNDING PLAN |
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ISSUE BONDS
FY 2009
$303,053,000
RETIRES FY 2029
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ISSUE BONDS
FY 2012
$12,162,000
RETIRES FY 2029
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ISSUE BONDS
FY 2015
$29,847,000
RETIRES FY 2029
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ESSENTIALLY, THE BONDS WILL GIVE THEM LUMP SUM FUNDING THAT WILL BE REPAID OVER TIME (WITH INTEREST) BY THE SALES TAXES. IF ALL GOES ACCORDING TO SMART'S PROJECTIONS, THIS SHOULD WORK OUT FINE AND SMART WILL OWN A WORKING RAILROAD WITH TRAILWAYS.
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SO BY THE END OF 2029, SMART WILL HAVE SPENT
MEASURE M $21,850,000
MEASURE Q $860,679,000
REVENUES $468,817,000
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TOTAL $1,351,346,000
(THIS CALCULATION CAN BE FOUND ON PAGE 18 OF THE SMART FUNDING REPORT)
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THIS CERTAINLY ISN'T THE MOST ECONOMICAL WAY TO ELIMINATE 124,000 POUNDS OF CO2 A DAY.
AS MENTIONED EARLIER, WE COULD BUY 178,156 CFL LIGHTBULBS FOR $356,312 AND ELIMINATE 146,429 POUNDS OF CO2 A DAY.
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BUT THEN 2,500 PEOPLE WOULDN'T GET TO RIDE THE TRAIN EVERY DAY TO WORK, THERE WOULDN'T BE TRAFFIC DELAYS AT RAILROAD CROSSINGS, THERE WOULDN'T BE INCREASED CONSTRUCTION NEAR TRAIN STATIONS, THERE WOULDN'T BE INCREASED NOISE ALONG THE TRACKWAY, THERE WOULDN'T BE ANY RISK OF TRAIN ACCIDENTS, WE WOULDN'T BE SHOULDERED WITH LONG TERM DEBT, AND THE TRAILS ADJACENT TO THE TRACKS WOULD BE QUIET AND RELAXING.
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BUT THE REAL KICKER IS THAT AFTER THE TRAINS ARE UP AND RUNNING, THE SMART OPERATION WILL LOOSE
$240,859,000
BETWEEN FY 2015 AND FY 2029.
THIS LOSS INCLUDES OTHER INCOME FROM EACH AND EVERY OTHER SOURCE.
HOWEVER, DON'T WORRY, ACCORDING TO SMART, THE MEASURE M AND Q SALES TAX REVENUES SHOULD COVER IT.
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| SMARTSTOP GENERATED SPREADSHEET |
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SO NOW THE YEAR IS 2029 AND SMART'S PLAN WORKED OUT PERFECTLY. ALL OF THE TAX REVENUES HAVE EXPIRED, THE BONDS HAVE BEEN PAID OFF, AND SMART OWNS AN OPERATING RAIROAD FREE AND CLEAR OF DEBT.
SO NOW, HOW DO WE PAY FOR THE
$665,930,000
(2008 DOLLARS) LOSS THAT IS EXPECTED OVER THE NEXT 20 YEARS?
FY 2029 - MEASURE Y
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| WILL SMART BE COST EFFECTIVE ENOUGH TO EARN YOUR VOTE? |
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